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Export Reference (APA) 
Madeira, C. & Madeira, J. (2019). The effect of FOMC votes on financial markets. Review of Economics and Statistics. 101 (5), 921-932
Export Reference (IEEE) 
M. C. and J. A. Madeira,  "The effect of FOMC votes on financial markets", in Review of Economics and Statistics, vol. 101, no. 5, pp. 921-932, 2019
Export BibTeX 
@article{c.2019_1716191551618,
	author = "Madeira, C. and Madeira, J.",
	title = "The effect of FOMC votes on financial markets",
	journal = "Review of Economics and Statistics",
	year = "2019",
	volume = "101",
	number = "5",
	doi = "10.1162/rest_a_00770",
	pages = "921-932",
	url = "https://direct.mit.edu/rest"
}
Export RIS 
TY  - JOUR
TI  - The effect of FOMC votes on financial markets
T2  - Review of Economics and Statistics
VL  - 101
IS  - 5
AU  - Madeira, C.
AU  - Madeira, J.
PY  - 2019
SP  - 921-932
SN  - 0034-6535
DO  - 10.1162/rest_a_00770
UR  - https://direct.mit.edu/rest
AB  - This paper shows that since votes of members of the Federal Open Market Committee have been included in press statements, stock prices increase after the announcement when votes are unanimous but fall when dissent (which typically is due to preference for higher interest rates) occurs. This pattern started prior to the 2007–2008 financial crisis. The differences in stock market reaction between unanimity and dissent remain, even controlling for the stance of monetary policy and consecutive dissent. Statement semantics also do not seem to explain the documented effect. We find no differences between unanimity and dissent with respect to impact on market risk and Treasury securities.
ER  -