000			01102nam a22001577a 4500
999			_c518499 _d518499
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100			_aDatta, Deepa D. et al _929562
245			_aOil, equities, and the zero lower bound
260			_aAmerican Economic Journal: Macroeconomics
300			_a13(2), Apr, 2021: p.214-253
520			_aFrom late 2008 to 2014, oil and equity returns were more positively correlated than in other periods. In addition, we show that both oil and equity returns became more responsive to macroeconomic news. We provide empirical evidence that these changes resulted from the zero lower bound (ZLB) on nominal interest rates, consistent with the theoretical predictions of a model that includes the ZLB. Although the ZLB alters the economic environment in theory, supportive empirical evidence has been lacking. Our paper provides clear evidence of the ZLB altering the economic environment. – Reproduced
650			_aOil and equity returns, Equity returns _929563
773			_aAmerican Economic Journal: Macroeconomics
906			_aSTOCK MARKETS
942			_cAR