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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed EX regime | −2.360 (0.094) |
−0.613 (0.045) |
−1.986 (0.227) |
−1.240 (0.418) |
−2.678 (0.135) |
−0.551 (0.126) |
−1.300 (0.289) |
−0.259 (0.103) |
0.546 (0.247) |
−1.199 (0.133) |
−0.731 (0.064) |
| Intermediate EX regime |
−0.754 (0.145) |
0.733 (0.063) |
0.282 (0.226) |
−2.067 (0.395) |
−2.480 (0.139) |
1.177 (0.133) |
0.277 (0.283) |
1.968 (0.110) |
0.466 (0.213) |
1.304 (0.150) |
0.825 (0.152) |
| Capital controls | 1.318 (0.096) |
−0.218 (0.041) |
−0.709 (0.099) |
−1.757 (0.219) |
1.301 (0.108) |
−0.628 (0.118) |
−0.371 (0.282) |
−0.859 (0.082) |
−1.112 (0.120) |
1.023 (0.092) |
Dropped |
| Constant | 4.865 (0.083) |
4.209 (0.046) |
4.839 (0.216) |
8.569 (0.421) |
6.629 (0.113) |
5.715 (0.168) |
6.005 (0.087) |
4.249 (0.100) |
4.069 (0.200) |
3.656 (0.123) |
4.603 (0.055) |
| R2 | 0.31 | 0.47 | 0.51 | 0.1746 | 0.36 | 0.1826 | 0.058 | 0.4744 | 0.117 | 0.45 | 0.191 |
| Number of observations | 1,114 | 872 | 967 | 885 | 861 | 1,018 | 944 | 969 | 575 | 1,115 | 1,210 |
|
Notes: Standard errors in parentheses. Money supply is at annual frequency. Source: Authors' calculations |
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