Monetary policy transmission and real es
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Don Bredin; Gerard O'Reilly; Simon Stevenson
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Article
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2010
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John Wiley and Sons
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English
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This paper assesses the response of real estate investment trusts (REIT's) to unexpected changes in US monetary policy. A critical element in this study is the use of futures markets to isolate unexpected changes in the policy rate. We find a significant negative response of REIT returns to a surpri