Macroeconomic Cycles and the Stock Market's Reaction to Monetary Policy

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Stock Market Reaction to Fed Funds Rate Surprises: State Dependence and the Financial Crisis (2013, methodology): “In line with Basistha and Kurov (2008) and Ehrmann and Fratzscher (2009) among others, we utilise both scheduled (165) and unscheduled (24) FOMC meetings.4 On the day of the FOMC decision, the FFR shock, utiΔ , is measured by the change in the implied rate of the current-month FFR futures contract,…”
Monetary Policy Uncertainty and the Market Reaction to Macroeconomic News: Evidence from the Taper Tantrum (2016, unknown): “Basistha and Kurov (2008) investigate the cyclical variation in the effect of Fed policy on the stock market and find that unexpected changes in the federal funds target rate have a stronger impact on stock returns in recessions and in tight credit market conditions than in good economic times.”
Investor Sentiment and the Stock Market’s Reaction to Monetary Policy (2010, unknown): “Following Basistha and Kurov (2008), we exclude eight FOMC announcements made on days with employment releases.”