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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Starting month | 1957:1 | 1957:1 | 1957:1 | 1969:1 | 1957:1 | 1962:1 | 1963:1 | 1960:1 | 1957:1 | 1880:1 | 1907:1 |
| Money supply | 1.086 (0.184) |
0.098 (0.096) |
1.051 (0.166) |
5.286 (4.655) |
0.119 (0.064) |
0.043 (0.057) |
0.405 (0.119) |
1.537 (0.151) |
0.147 (0.089) |
0.310 (0.082) |
0.901 (0.183) |
| Capital controls | 0.829 (0.137) |
Dropped | −0.849 (0.123) |
−4.108 (0.202) |
0.319 (0.127) |
−1.601 (0.115) |
−1.240 (0.101) |
−2.380 (0.138) |
−0.615 (0.126) |
1.957 (0.068) |
Dropped |
| Constant | 3.528 (0.242) |
4.538 (0.140) |
3.176 (0.294) |
8.781 (0.255) |
5.010 (0.173) |
7.466 (0.136) |
5.909 (0.242) |
5.900 (0.218) |
4.686 (0.156) |
1.635 (0.128) |
4.173 (0.074) |
| R2 | 0.0881 | 0.0033 | 0.1358 | 0.6036 | 0.0331 | 0.2668 | 0.2566 | 0.590 | 0.1805 | 0.507 | 0.0626 |
|
Notes: Standard errors in parentheses. Money supply is at monthly frequency. Source: Authors' calculations |
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