The experience of the crisis has shown that, even if no specific business model has performed particularly well or poorly, the banks’ organizational structure has an impact on the propensity of managers to engage in excessively risky activities. At all events, in today’s globalized world it is crucial to make sure that countries cooperate and agree on the appropriate stringency of financial regulation.
To measure the effects of monetary policy changes on the stock market, then, we need to have a measure of the portion of a given change in monetary policy that the market had not already anticipated before the FOMC's formal announcement. Fortunately, the financial markets themselves are a source of useful information about monetary policy expectations.