“…Though there are limited numbers of studies on the UMP spillovers on the Indian asset markets, they either study a single asset price (see, for example, Prabu et al, ) or they consider only the monetary policy announcements of the Federal Reserve (see, for example, Patra, Khundrakpam, et al, ). In an effort to fill in this gap, this study estimates the impact of UMP announcements by the central banks of four major currency areas (the United States, Euro area, United Kingdom, and Japan) on three major asset prices (government bond yields, equities, and exchange rates).…”