The field of innovation studies has grown considerably in the last four decades, which has
led to the emergence of new approaches and theoretical aspects that need to be examined …

This paper surveys the field of asset pricing. The emphasis is on the interplay between
theory and empirical work and on the trade‐off between risk and return. Modern research …

Abstract In November 2008, the Federal Reserve faced a deteriorating economy and a
financial crisis. The federal funds rate had already been reduced to virtually zero. Thus, the …

We evaluate the effects on asset prices of the ECB asset purchase program (APP)
announced in January 2015 and assess its main transmission channels. We do so by first …

We study the impact of US quantitative easing (QE) on both the emerging and advanced
economies, estimating a global vector error-correction model (GVECM). We focus on the …

This article assesses the impact of Quantitative Easing and other unconventional monetary
policies followed by central banks in the wake of the financial crisis that began in 2007. We …

In December 2008, the Federal Open Market Committee (FOMC) lowered the target for the
federal funds rate to a range of 0 to 25 basis points. With its traditional policy instrument set …

Because inflation expectations do not immediately react one for one to changes in nominal
interest rates, central banks can also control real interest rates, at least over the short to …

According to standard macroeconomic models, the zero lower bound greatly reduces the
effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private …

This paper uses an intertemporal general equilibrium asset pricing model to study the term
structure of interest rates. In this model, anticipations, risk aversion, investment alternatives …