Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/259822 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1956
Versionsangabe: 
This (updated) version: May 2022
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US-Dollar. The effects are significant for several weeks or quarters. Decomposing the trade policy shocks further suggests that trade policy uncertainty dominates tariff level effects. Chinese trade policy shocks against the US further hurt US stocks.
Schlagwörter: 
Trade policy shock
structural VAR
stock prices
exchange rates
interest rates
heteroskedasticity
JEL: 
C32
F13
F51
G10
Dokumentart: 
Working Paper

Datei(en):
Datei
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