2  Various studies have found that stock prices do exhibit an immediate reaction to monetary policy surprises, not unlike their responses to other macroeconomic surprises, for example, Ben S. Bernanke and Kenneth Kuttner (2005), "What Explains the Stock Market's Reaction to Federal Reserve Policy?," Journal of Finance, vol. 60, 1221-57.
3  Data on residential real estate and equity prices are from the Bank for International Settlements and, for most countries, are quarterly. M3 data are derived from national sources; the length of the series on M3 varies across countries. The list of countries covered and the relevant periods are provided in the appendix.