2020
DOI: 10.20448/2002.92.73.81
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Fiscal Policy and Stock Market Efficiency in the USA: An ARDL Bounds Testing Approach

Abstract: The basic aim of this study is to evaluate the market efficiency hypothesis by using the fiscal policy information implemented in the context of the New York Stock Exchange. In order to take into account that the macroeconomic data of a developed country like USA has a limited size and may be governed by structural breaks and inconsistencies this paper proposed the adoption of the ARDL bounds testing approaching in order to effectively evaluate the relationship between the lagged macroeconomic variables and th… Show more

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