RBA Annual Conference – 2003 Stock Market Volatility and Monetary Policy: What the Historical Record Shows
| Australia | Canada | Denmark | Finland | France | Italy | Japan | Sweden | Switzerland | UK | US | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Money supply | 0.186 (0.060) |
1.229 (0.189) |
−0.052 (0.037) |
0.487 (0.056) |
0.411 (0.063) |
0.842 (0.094) |
0.260 (0.047) |
−0.123 (0.048) |
2.461 (0.340) |
0.274 (0.042) |
−0.309 (0.153) |
| Fixed EX regime | −2.310 (0.096) |
−0.538 (0.050) |
−2.057 (0.247) |
−1.349 (0.408) |
−2.311 (0.154) |
−0.053 (0.128) |
−1.355 (0.288) |
−0.282 (0.104) |
0.431 (0.232) |
−1.300 (0.141) |
−0.644 (0.069) |
| Intermediate EX regime |
−0.948 (0.137) |
0.785 (0.064) |
0.209 (0.252) |
−2.115 (0.389) |
−1.995 (0.165) |
1.228 (0.129) |
0.198 (0.270) |
1.974 (0.110) |
0.369 (0.206) |
1.835 (0.149) |
0.940 (0.168) |
| Capital controls | 1.794 (0.106) |
−0.237 (0.044) |
−0.719 (0.099) |
−1.467 (0.220) |
1.537 (0.114) |
−0.581 (0.114) |
−0.511 (0.273) |
−0.859 (0.082) |
−0.867 (0.119) |
1.820 (0.085) |
Dropped |
| Constant | 4.430 (0.156) |
2.761 (0.226) |
5.044 (0.288) |
7.397 (0.452) |
5.343 (0.207) |
4.313 (0.218) |
5.380 (0.145) |
4.441 (0.120) |
1.640 (0.397) |
3.196 (0.148) |
4.872 (0.138) |
| R2 | 0.40 | 0.50 | 0.51 | 0.26 | 0.38 | 0.25 | 0.10 | 0.47 | 0.19 | 0.67 | 0.18 |
|
Notes: Standard errors in parentheses. Money supply is at annual frequency. Source: Authors' calculations |
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