Our panel has been asked to consider the interaction of markets and policy. In my remarks today, I will specifically consider the interaction between the stock market and the monetary policy of the Federal Reserve, which is set to foster economic conditions that achieve the dual-mandate objectives of maximal employment and price stability (targeted as a 2 percent inflation rate). I want to reconcile seemingly conflicting evidence when we interpret the stock market in its aggregate and when we consider an individual firm that trades in the market.
Hodrick, Laurie Simon. "The Interaction of Markets and Policy: A Corporate Finance Perspective." In Strategies for Monetary Policy, 263-268. Stanford: Hoover Institution Press, 2020.
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