NY Fed staff say effect of policy changes depend on risk environment
The effect on asset prices of macroeconomic news announcements, such as monetary policy decisions, depends on the general level of risk perceived to be in the economy at the time, according to a staff report by two economists at the New York Fed.
In Time Variation in Asset Price Responses to Macro Announcements, Linda Goldberg and Christian Grisse say risk conditions matter since they can "capture the effects of uncertainty on the information content of news announcements, the interaction of
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