id	sid	tid	token	lemma	pos
economy-6779	1	1	40	40	NUM
economy-6779	1	2	©	©	ADP
economy-6779	1	3	2025	2025	NUM
economy-6779	1	4	by	by	ADP
economy-6779	1	5	the	the	DET
economy-6779	1	6	authors	author	NOUN
economy-6779	1	7	;	;	PUNCT
economy-6779	1	8	licensee	licensee	PROPN
economy-6779	1	9	asian	asian	ADJ
economy-6779	1	10	online	online	PROPN
economy-6779	1	11	journal	journal	PROPN
economy-6779	1	12	publishing	publishing	NOUN
economy-6779	1	13	group	group	NOUN
economy-6779	1	14	economy	economy	NOUN
economy-6779	1	15	vol	vol	NOUN
economy-6779	1	16	.	.	PROPN
economy-6779	2	1	12	12	NUM
economy-6779	2	2	,	,	PUNCT
economy-6779	2	3	no	no	INTJ
economy-6779	2	4	.	.	NOUN
economy-6779	2	5	2	2	NUM
economy-6779	2	6	,	,	PUNCT
economy-6779	2	7	40	40	NUM
economy-6779	2	8	-	-	SYM
economy-6779	2	9	50	50	NUM
economy-6779	2	10	,	,	PUNCT
economy-6779	2	11	2025	2025	NUM
economy-6779	2	12	issn(e	issn(e	NOUN
economy-6779	2	13	)	)	PUNCT
economy-6779	2	14	2313	2313	NUM
economy-6779	2	15	-	-	SYM
economy-6779	2	16	8181	8181	NUM
economy-6779	2	17	:	:	PUNCT
economy-6779	2	18	/	/	SYM
economy-6779	2	19	issn(p	issn(p	PROPN
economy-6779	2	20	)	)	PUNCT
economy-6779	2	21	2518	2518	NUM
economy-6779	2	22	-	-	SYM
economy-6779	2	23	0118	0118	NUM
economy-6779	2	24	:	:	PUNCT
economy-6779	2	25	doi	doi	NOUN
economy-6779	2	26	:	:	PUNCT
economy-6779	2	27	10.20448	10.20448	NUM
economy-6779	2	28	/	/	SYM
economy-6779	2	29	economy.v12i2.6779	economy.v12i2.6779	PROPN
economy-6779	3	1	©	©	PROPN
economy-6779	3	2	2025	2025	NUM
economy-6779	3	3	by	by	ADP
economy-6779	3	4	the	the	DET
economy-6779	3	5	authors	author	NOUN
economy-6779	3	6	;	;	PUNCT
economy-6779	3	7	licensee	licensee	PROPN
economy-6779	3	8	asian	asian	ADJ
economy-6779	3	9	online	online	PROPN
economy-6779	3	10	journal	journal	PROPN
economy-6779	3	11	publishing	publishing	NOUN
economy-6779	3	12	group	group	NOUN
economy-6779	3	13	modelling	model	VERB
economy-6779	3	14	asymetric	asymetric	ADJ
economy-6779	3	15	response	response	NOUN
economy-6779	3	16	of	of	ADP
economy-6779	3	17	stock	stock	NOUN
economy-6779	3	18	market	market	NOUN
economy-6779	3	19	volatility	volatility	NOUN
economy-6779	3	20	to	to	ADP
economy-6779	3	21	monetary	monetary	ADJ
economy-6779	3	22	policy	policy	NOUN
economy-6779	3	23	:	:	PUNCT
economy-6779	3	24	empirical	empirical	ADJ
economy-6779	3	25	evidence	evidence	NOUN
economy-6779	3	26	from	from	ADP
economy-6779	3	27	nigeria	nigeria	PROPN
economy-6779	3	28	zainab	zainab	PROPN
economy-6779	3	29	said	say	VERB
economy-6779	3	30	suwaid1	suwaid1	PROPN
economy-6779	3	31	lawal	lawal	PROPN
economy-6779	3	32	wasiu	wasiu	PROPN
economy-6779	3	33	omotayo2	omotayo2	PROPN
economy-6779	3	34	(	(	PUNCT
economy-6779	3	35			PROPN
economy-6779	3	36	corresponding	correspond	VERB
economy-6779	3	37	author	author	NOUN
economy-6779	3	38	)	)	PUNCT
economy-6779	3	39	1,2department	1,2department	NUM
economy-6779	3	40	of	of	ADP
economy-6779	3	41	economics	economics	PROPN
economy-6779	3	42	bayero	bayero	PROPN
economy-6779	3	43	university	university	PROPN
economy-6779	3	44	kano	kano	PROPN
economy-6779	3	45	and	and	CCONJ
economy-6779	3	46	al	al	PROPN
economy-6779	3	47	-	-	PUNCT
economy-6779	3	48	hikmah	hikmah	PROPN
economy-6779	3	49	university	university	NOUN
economy-6779	3	50	ilorin	ilorin	NOUN
economy-6779	3	51	,	,	PUNCT
economy-6779	3	52	nigeria	nigeria	PROPN
economy-6779	3	53	.	.	PUNCT
economy-6779	4	1	email	email	NOUN
economy-6779	4	2	:	:	PUNCT
economy-6779	4	3	zzsuwaid.sce@buk.edu.ng	zzsuwaid.sce@buk.edu.ng	PROPN
economy-6779	4	4	email	email	NOUN
economy-6779	4	5	:	:	PUNCT
economy-6779	4	6	suki4wisdom@yahoo.com	suki4wisdom@yahoo.com	NOUN
economy-6779	5	1	abstract	abstract	ADJ
economy-6779	5	2	this	this	DET
economy-6779	5	3	paper	paper	NOUN
economy-6779	6	1	analyses	analyse	VERB
economy-6779	6	2	how	how	SCONJ
economy-6779	6	3	stock	stock	NOUN
economy-6779	6	4	market	market	NOUN
economy-6779	6	5	volatility	volatility	NOUN
economy-6779	6	6	responds	respond	VERB
economy-6779	6	7	to	to	ADP
economy-6779	6	8	monetary	monetary	ADJ
economy-6779	6	9	policy	policy	NOUN
economy-6779	6	10	during	during	ADP
economy-6779	6	11	bull	bull	NOUN
economy-6779	6	12	and	and	CCONJ
economy-6779	6	13	bear	bear	VERB
economy-6779	6	14	market	market	NOUN
economy-6779	6	15	phases	phase	NOUN
economy-6779	6	16	in	in	ADP
economy-6779	6	17	the	the	DET
economy-6779	6	18	period	period	NOUN
economy-6779	6	19	from	from	ADP
economy-6779	6	20	the	the	DET
economy-6779	6	21	first	first	ADJ
economy-6779	6	22	quarter	quarter	NOUN
economy-6779	6	23	of	of	ADP
economy-6779	6	24	1990q1	1990q1	NUM
economy-6779	6	25	to	to	ADP
economy-6779	6	26	the	the	DET
economy-6779	6	27	fourth	fourth	ADJ
economy-6779	6	28	quarter	quarter	NOUN
economy-6779	6	29	of	of	ADP
economy-6779	6	30	2023q4	2023q4	NOUN
economy-6779	6	31	using	use	VERB
economy-6779	6	32	ms	ms	PROPN
economy-6779	6	33	-	-	PUNCT
economy-6779	6	34	var	var	NOUN
economy-6779	6	35	model	model	NOUN
economy-6779	6	36	.	.	PUNCT
economy-6779	7	1	it	it	PRON
economy-6779	7	2	investigated	investigate	VERB
economy-6779	7	3	stock	stock	NOUN
economy-6779	7	4	market	market	NOUN
economy-6779	7	5	fluctuation	fluctuation	NOUN
economy-6779	7	6	in	in	ADP
economy-6779	7	7	both	both	CCONJ
economy-6779	7	8	the	the	DET
economy-6779	7	9	bull	bull	NOUN
economy-6779	7	10	and	and	CCONJ
economy-6779	7	11	bear	bear	NOUN
economy-6779	7	12	periods	period	NOUN
economy-6779	7	13	using	use	VERB
economy-6779	7	14	the	the	DET
economy-6779	7	15	composite	composite	ADJ
economy-6779	7	16	index	index	NOUN
economy-6779	7	17	of	of	ADP
economy-6779	7	18	the	the	DET
economy-6779	7	19	nigerian	nigerian	ADJ
economy-6779	7	20	stock	stock	NOUN
economy-6779	7	21	exchange	exchange	PROPN
economy-6779	7	22	(	(	PUNCT
economy-6779	7	23	nse	nse	NOUN
economy-6779	7	24	)	)	PUNCT
economy-6779	7	25	,	,	PUNCT
economy-6779	7	26	the	the	DET
economy-6779	7	27	all	all	DET
economy-6779	7	28	share	share	NOUN
economy-6779	7	29	index	index	NOUN
economy-6779	7	30	and	and	CCONJ
economy-6779	7	31	the	the	DET
economy-6779	7	32	most	most	ADV
economy-6779	7	33	appropriate	appropriate	ADJ
economy-6779	7	34	monetary	monetary	ADJ
economy-6779	7	35	policy	policy	NOUN
economy-6779	7	36	indicator	indicator	NOUN
economy-6779	7	37	,	,	PUNCT
economy-6779	7	38	the	the	DET
economy-6779	7	39	interest	interest	NOUN
economy-6779	7	40	rates	rate	NOUN
economy-6779	7	41	.	.	PUNCT
economy-6779	8	1	the	the	DET
economy-6779	8	2	monetary	monetary	ADJ
economy-6779	8	3	policy	policy	NOUN
economy-6779	8	4	shocks	shock	NOUN
economy-6779	8	5	were	be	AUX
economy-6779	8	6	found	find	VERB
economy-6779	8	7	to	to	PART
economy-6779	8	8	positively	positively	ADV
economy-6779	8	9	respond	respond	VERB
economy-6779	8	10	to	to	ADP
economy-6779	8	11	the	the	DET
economy-6779	8	12	stock	stock	NOUN
economy-6779	8	13	market	market	NOUN
economy-6779	8	14	volatility	volatility	NOUN
economy-6779	8	15	with	with	ADP
economy-6779	8	16	relatively	relatively	ADV
economy-6779	8	17	small	small	ADJ
economy-6779	8	18	volatility	volatility	NOUN
economy-6779	8	19	in	in	ADP
economy-6779	8	20	the	the	DET
economy-6779	8	21	first	first	ADJ
economy-6779	8	22	regime	regime	NOUN
economy-6779	8	23	.	.	PUNCT
economy-6779	9	1	for	for	ADP
economy-6779	9	2	the	the	DET
economy-6779	9	3	second	second	ADJ
economy-6779	9	4	regime	regime	NOUN
economy-6779	9	5	,	,	PUNCT
economy-6779	9	6	the	the	DET
economy-6779	9	7	graph	graph	NOUN
economy-6779	9	8	shows	show	VERB
economy-6779	9	9	that	that	SCONJ
economy-6779	9	10	an	an	DET
economy-6779	9	11	increase	increase	NOUN
economy-6779	9	12	in	in	ADP
economy-6779	9	13	monetary	monetary	ADJ
economy-6779	9	14	policy	policy	NOUN
economy-6779	9	15	shock	shock	NOUN
economy-6779	9	16	positively	positively	ADV
economy-6779	9	17	affects	affect	VERB
economy-6779	9	18	volatility	volatility	NOUN
economy-6779	9	19	at	at	ADP
economy-6779	9	20	the	the	DET
economy-6779	9	21	onset	onset	NOUN
economy-6779	9	22	before	before	ADP
economy-6779	9	23	afterwards	afterwards	ADV
economy-6779	9	24	turning	turn	VERB
economy-6779	9	25	the	the	DET
economy-6779	9	26	move	move	NOUN
economy-6779	9	27	into	into	ADP
economy-6779	9	28	the	the	DET
economy-6779	9	29	negative	negative	ADJ
economy-6779	9	30	side	side	NOUN
economy-6779	9	31	of	of	ADP
economy-6779	9	32	volatility	volatility	NOUN
economy-6779	9	33	.	.	PUNCT
economy-6779	10	1	this	this	DET
economy-6779	10	2	policy	policy	NOUN
economy-6779	10	3	advice	advice	NOUN
economy-6779	10	4	is	be	AUX
economy-6779	10	5	that	that	SCONJ
economy-6779	10	6	the	the	DET
economy-6779	10	7	central	central	ADJ
economy-6779	10	8	bank	bank	PROPN
economy-6779	10	9	of	of	ADP
economy-6779	10	10	nigeria	nigeria	PROPN
economy-6779	10	11	(	(	PUNCT
economy-6779	10	12	cbn	cbn	PROPN
economy-6779	10	13	)	)	PUNCT
economy-6779	10	14	should	should	AUX
economy-6779	10	15	be	be	AUX
economy-6779	10	16	extra	extra	ADV
economy-6779	10	17	cautious	cautious	ADJ
economy-6779	10	18	when	when	SCONJ
economy-6779	10	19	setting	set	VERB
economy-6779	10	20	and	and	CCONJ
economy-6779	10	21	enforcing	enforce	VERB
economy-6779	10	22	fiscal	fiscal	ADJ
economy-6779	10	23	measures	measure	NOUN
economy-6779	10	24	.	.	PUNCT
economy-6779	11	1	furthermore	furthermore	ADV
economy-6779	11	2	,	,	PUNCT
economy-6779	11	3	due	due	ADP
economy-6779	11	4	to	to	ADP
economy-6779	11	5	the	the	DET
economy-6779	11	6	erratic	erratic	ADJ
economy-6779	11	7	performance	performance	NOUN
economy-6779	11	8	by	by	ADP
economy-6779	11	9	nigeria	nigeria	PROPN
economy-6779	11	10	stock	stock	NOUN
economy-6779	11	11	market	market	NOUN
economy-6779	11	12	,	,	PUNCT
economy-6779	11	13	the	the	DET
economy-6779	11	14	government	government	NOUN
economy-6779	11	15	and	and	CCONJ
economy-6779	11	16	the	the	DET
economy-6779	11	17	relevant	relevant	ADJ
economy-6779	11	18	authorities	authority	NOUN
economy-6779	11	19	should	should	AUX
economy-6779	11	20	avoid	avoid	VERB
economy-6779	11	21	interfering	interfere	VERB
economy-6779	11	22	with	with	ADP
economy-6779	11	23	the	the	DET
economy-6779	11	24	market	market	NOUN
economy-6779	11	25	during	during	ADP
economy-6779	11	26	these	these	DET
economy-6779	11	27	situations	situation	NOUN
economy-6779	11	28	as	as	SCONJ
economy-6779	11	29	such	such	ADJ
economy-6779	11	30	interferences	interference	NOUN
economy-6779	11	31	may	may	AUX
economy-6779	11	32	trigger	trigger	VERB
economy-6779	11	33	further	further	ADJ
economy-6779	11	34	instabilities	instability	NOUN
economy-6779	11	35	to	to	ADP
economy-6779	11	36	the	the	DET
economy-6779	11	37	market	market	NOUN
economy-6779	11	38	,	,	PUNCT
economy-6779	11	39	because	because	SCONJ
economy-6779	11	40	such	such	ADJ
economy-6779	11	41	measures	measure	NOUN
economy-6779	11	42	merely	merely	ADV
economy-6779	11	43	slow	slow	VERB
economy-6779	11	44	the	the	DET
economy-6779	11	45	causes	cause	NOUN
economy-6779	11	46	down	down	ADP
economy-6779	11	47	,	,	PUNCT
economy-6779	11	48	and	and	CCONJ
economy-6779	11	49	do	do	AUX
economy-6779	11	50	not	not	PART
economy-6779	11	51	bring	bring	VERB
economy-6779	11	52	lasting	lasting	ADJ
economy-6779	11	53	solutions	solution	NOUN
economy-6779	11	54	.	.	PUNCT
economy-6779	12	1	keywords	keyword	NOUN
economy-6779	12	2	:	:	PUNCT
economy-6779	12	3	exchange	exchange	NOUN
economy-6779	12	4	rate	rate	NOUN
economy-6779	12	5	,	,	PUNCT
economy-6779	12	6	interest	interest	NOUN
economy-6779	12	7	rate	rate	NOUN
economy-6779	12	8	,	,	PUNCT
economy-6779	12	9	money	money	NOUN
economy-6779	12	10	supply	supply	NOUN
economy-6779	12	11	markov	markov	NOUN
economy-6779	12	12	switching	switching	NOUN
economy-6779	12	13	.	.	PUNCT
economy-6779	13	1	citation	citation	NOUN
economy-6779	13	2	|	|	ADV
economy-6779	13	3	suwaid	suwaid	VERB
economy-6779	13	4	,	,	PUNCT
economy-6779	13	5	z.	z.	PROPN
economy-6779	13	6	s.	s.	PROPN
economy-6779	13	7	,	,	PUNCT
economy-6779	13	8	&	&	CCONJ
economy-6779	13	9	omotayo	omotayo	VERB
economy-6779	13	10	,	,	PUNCT
economy-6779	13	11	l.	l.	PROPN
economy-6779	13	12	w.	w.	PROPN
economy-6779	13	13	(	(	PUNCT
economy-6779	13	14	2025	2025	NUM
economy-6779	13	15	)	)	PUNCT
economy-6779	13	16	.	.	PUNCT
economy-6779	14	1	modelling	model	VERB
economy-6779	14	2	asymetric	asymetric	ADJ
economy-6779	14	3	response	response	NOUN
economy-6779	14	4	of	of	ADP
economy-6779	14	5	stock	stock	NOUN
economy-6779	14	6	market	market	NOUN
economy-6779	14	7	volatility	volatility	NOUN
economy-6779	14	8	to	to	ADP
economy-6779	14	9	monetary	monetary	ADJ
economy-6779	14	10	policy	policy	NOUN
economy-6779	14	11	:	:	PUNCT
economy-6779	14	12	empirical	empirical	ADJ
economy-6779	14	13	evidence	evidence	NOUN
economy-6779	14	14	from	from	ADP
economy-6779	14	15	nigeria	nigeria	PROPN
economy-6779	14	16	.	.	PUNCT
economy-6779	15	1	economy	economy	NOUN
economy-6779	15	2	,	,	PUNCT
economy-6779	15	3	12(2	12(2	NUM
economy-6779	15	4	)	)	PUNCT
economy-6779	15	5	,	,	PUNCT
economy-6779	15	6	40	40	NUM
economy-6779	15	7	-	-	SYM
economy-6779	15	8	50	50	NUM
economy-6779	15	9	.	.	PUNCT
economy-6779	15	10	10.20448	10.20448	NUM
economy-6779	15	11	/	/	SYM
economy-6779	15	12	economy.v12i2.6779	economy.v12i2.6779	PROPN
economy-6779	15	13	history	history	NOUN
economy-6779	15	14	:	:	PUNCT
economy-6779	15	15	received	receive	VERB
economy-6779	15	16	:	:	PUNCT
economy-6779	15	17	26	26	NUM
economy-6779	15	18	april	april	PROPN
economy-6779	15	19	2025	2025	NUM
economy-6779	15	20	revised	revise	VERB
economy-6779	15	21	:	:	PUNCT
economy-6779	15	22	19	19	NUM
economy-6779	15	23	may	may	AUX
economy-6779	15	24	2025	2025	NUM
economy-6779	15	25	accepted	accept	VERB
economy-6779	15	26	:	:	PUNCT
economy-6779	15	27	10	10	NUM
economy-6779	15	28	june	june	PROPN
economy-6779	15	29	2025	2025	NUM
economy-6779	15	30	published	publish	VERB
economy-6779	15	31	:	:	PUNCT
economy-6779	15	32	16	16	NUM
economy-6779	15	33	june	june	PROPN
economy-6779	15	34	2025	2025	NUM
economy-6779	15	35	licensed	license	VERB
economy-6779	15	36	:	:	PUNCT
economy-6779	15	37	this	this	DET
economy-6779	15	38	work	work	NOUN
economy-6779	15	39	is	be	AUX
economy-6779	15	40	licensed	license	VERB
economy-6779	15	41	under	under	ADP
economy-6779	15	42	a	a	DET
economy-6779	15	43	creative	creative	ADJ
economy-6779	15	44	commons	common	NOUN
economy-6779	15	45	attribution	attribution	NOUN
economy-6779	15	46	4.0	4.0	NUM
economy-6779	15	47	license	license	NOUN
economy-6779	15	48	publisher	publisher	NOUN
economy-6779	15	49	:	:	PUNCT
economy-6779	15	50	asian	asian	ADJ
economy-6779	15	51	online	online	PROPN
economy-6779	15	52	journal	journal	PROPN
economy-6779	15	53	publishing	publishing	PROPN
economy-6779	15	54	group	group	PROPN
economy-6779	15	55	funding	funding	NOUN
economy-6779	15	56	:	:	PUNCT
economy-6779	15	57	this	this	DET
economy-6779	15	58	study	study	NOUN
economy-6779	15	59	received	receive	VERB
economy-6779	15	60	no	no	DET
economy-6779	15	61	specific	specific	ADJ
economy-6779	15	62	financial	financial	ADJ
economy-6779	15	63	support	support	NOUN
economy-6779	15	64	.	.	PUNCT
economy-6779	16	1	institutional	institutional	ADJ
economy-6779	16	2	review	review	PROPN
economy-6779	16	3	board	board	NOUN
economy-6779	16	4	statement	statement	NOUN
economy-6779	16	5	:	:	PUNCT
economy-6779	16	6	not	not	PART
economy-6779	16	7	applicable	applicable	ADJ
economy-6779	16	8	transparency	transparency	NOUN
economy-6779	16	9	:	:	PUNCT
economy-6779	16	10	the	the	DET
economy-6779	16	11	authors	author	NOUN
economy-6779	16	12	confirm	confirm	VERB
economy-6779	16	13	that	that	SCONJ
economy-6779	16	14	the	the	DET
economy-6779	16	15	manuscript	manuscript	NOUN
economy-6779	16	16	is	be	AUX
economy-6779	16	17	an	an	DET
economy-6779	16	18	honest	honest	ADJ
economy-6779	16	19	,	,	PUNCT
economy-6779	16	20	accurate	accurate	ADJ
economy-6779	16	21	,	,	PUNCT
economy-6779	16	22	and	and	CCONJ
economy-6779	16	23	transparent	transparent	ADJ
economy-6779	16	24	account	account	NOUN
economy-6779	16	25	of	of	ADP
economy-6779	16	26	the	the	DET
economy-6779	16	27	study	study	NOUN
economy-6779	16	28	;	;	PUNCT
economy-6779	16	29	that	that	SCONJ
economy-6779	16	30	no	no	DET
economy-6779	16	31	vital	vital	ADJ
economy-6779	16	32	features	feature	NOUN
economy-6779	16	33	of	of	ADP
economy-6779	16	34	the	the	DET
economy-6779	16	35	study	study	NOUN
economy-6779	16	36	have	have	AUX
economy-6779	16	37	been	be	AUX
economy-6779	16	38	omitted	omit	VERB
economy-6779	16	39	;	;	PUNCT
economy-6779	16	40	and	and	CCONJ
economy-6779	16	41	that	that	SCONJ
economy-6779	16	42	any	any	DET
economy-6779	16	43	discrepancies	discrepancy	NOUN
economy-6779	16	44	from	from	ADP
economy-6779	16	45	the	the	DET
economy-6779	16	46	study	study	NOUN
economy-6779	16	47	as	as	SCONJ
economy-6779	16	48	planned	plan	VERB
economy-6779	16	49	have	have	AUX
economy-6779	16	50	been	be	AUX
economy-6779	16	51	explained	explain	VERB
economy-6779	16	52	.	.	PUNCT
economy-6779	17	1	this	this	DET
economy-6779	17	2	study	study	NOUN
economy-6779	17	3	followed	follow	VERB
economy-6779	17	4	all	all	DET
economy-6779	17	5	ethical	ethical	ADJ
economy-6779	17	6	practices	practice	NOUN
economy-6779	17	7	during	during	ADP
economy-6779	17	8	writing	writing	NOUN
economy-6779	17	9	.	.	PUNCT
economy-6779	18	1	data	datum	NOUN
economy-6779	18	2	availability	availability	NOUN
economy-6779	18	3	statement	statement	NOUN
economy-6779	18	4	:	:	PUNCT
economy-6779	18	5	the	the	DET
economy-6779	18	6	corresponding	corresponding	ADJ
economy-6779	18	7	author	author	NOUN
economy-6779	18	8	may	may	AUX
economy-6779	18	9	provide	provide	VERB
economy-6779	18	10	study	study	NOUN
economy-6779	18	11	data	datum	NOUN
economy-6779	18	12	upon	upon	SCONJ
economy-6779	18	13	reasonable	reasonable	ADJ
economy-6779	18	14	request	request	NOUN
economy-6779	18	15	competing	compete	VERB
economy-6779	18	16	interests	interest	NOUN
economy-6779	18	17	:	:	PUNCT
economy-6779	18	18	the	the	DET
economy-6779	18	19	author	author	NOUN
economy-6779	18	20	declares	declare	VERB
economy-6779	18	21	that	that	SCONJ
economy-6779	18	22	there	there	PRON
economy-6779	18	23	are	be	VERB
economy-6779	18	24	no	no	DET
economy-6779	18	25	conflicts	conflict	NOUN
economy-6779	18	26	of	of	ADP
economy-6779	18	27	interests	interest	NOUN
economy-6779	18	28	regarding	regard	VERB
economy-6779	18	29	the	the	DET
economy-6779	18	30	publication	publication	NOUN
economy-6779	18	31	of	of	ADP
economy-6779	18	32	this	this	DET
economy-6779	18	33	paper	paper	NOUN
economy-6779	18	34	.	.	PUNCT
economy-6779	19	1	authors	author	NOUN
economy-6779	19	2	’	'	PUNCT
economy-6779	19	3	contributions	contribution	NOUN
economy-6779	19	4	:	:	PUNCT
economy-6779	19	5	both	both	DET
economy-6779	19	6	authors	author	NOUN
economy-6779	19	7	contributed	contribute	VERB
economy-6779	19	8	equally	equally	ADV
economy-6779	19	9	to	to	ADP
economy-6779	19	10	the	the	DET
economy-6779	19	11	conception	conception	NOUN
economy-6779	19	12	and	and	CCONJ
economy-6779	19	13	design	design	NOUN
economy-6779	19	14	of	of	ADP
economy-6779	19	15	the	the	DET
economy-6779	19	16	study	study	NOUN
economy-6779	19	17	.	.	PUNCT
economy-6779	20	1	both	both	DET
economy-6779	20	2	authors	author	NOUN
economy-6779	20	3	have	have	AUX
economy-6779	20	4	read	read	VERB
economy-6779	20	5	and	and	CCONJ
economy-6779	20	6	agreed	agree	VERB
economy-6779	20	7	to	to	ADP
economy-6779	20	8	the	the	DET
economy-6779	20	9	published	publish	VERB
economy-6779	20	10	version	version	NOUN
economy-6779	20	11	of	of	ADP
economy-6779	20	12	the	the	DET
economy-6779	20	13	manuscript	manuscript	NOUN
economy-6779	20	14	.	.	PUNCT
economy-6779	21	1	contents	content	NOUN
economy-6779	21	2	1	1	NUM
economy-6779	21	3	.	.	PUNCT
economy-6779	22	1	introduction	introduction	NOUN
economy-6779	22	2	......................................................................................................................................................................................	......................................................................................................................................................................................	PUNCT
economy-6779	23	1	41	41	NUM
economy-6779	23	2	2	2	NUM
economy-6779	23	3	.	.	PUNCT
economy-6779	23	4	literature	literature	PROPN
economy-6779	23	5	review	review	PROPN
economy-6779	23	6	............................................................................................................................................................................	............................................................................................................................................................................	PUNCT
economy-6779	23	7	42	42	NUM
economy-6779	23	8	3	3	NUM
economy-6779	23	9	.	.	PUNCT
economy-6779	23	10	methodology	methodology	NOUN
economy-6779	23	11	.....................................................................................................................................................................................	.....................................................................................................................................................................................	PUNCT
economy-6779	24	1	44	44	NUM
economy-6779	24	2	4	4	NUM
economy-6779	24	3	.	.	PUNCT
economy-6779	24	4	results	result	NOUN
economy-6779	24	5	and	and	CCONJ
economy-6779	24	6	findings	finding	NOUN
economy-6779	24	7	.......................................................................................................................................................................	.......................................................................................................................................................................	PUNCT
economy-6779	25	1	45	45	NUM
economy-6779	25	2	5	5	NUM
economy-6779	25	3	.	.	PUNCT
economy-6779	25	4	discussion	discussion	NOUN
economy-6779	25	5	of	of	ADP
economy-6779	25	6	findings	finding	NOUN
economy-6779	25	7	....................................................................................................................................................................	....................................................................................................................................................................	PUNCT
economy-6779	26	1	48	48	NUM
economy-6779	26	2	6	6	NUM
economy-6779	26	3	.	.	PUNCT
economy-6779	26	4	conclusion	conclusion	NOUN
economy-6779	26	5	and	and	CCONJ
economy-6779	26	6	recommendation	recommendation	NOUN
economy-6779	26	7	................................................................................................................................................	................................................................................................................................................	PUNCT
economy-6779	27	1	48	48	NUM
economy-6779	27	2	references	reference	NOUN
economy-6779	27	3	..............................................................................................................................................................................................	..............................................................................................................................................................................................	VERB
economy-6779	27	4	49	49	NUM
economy-6779	27	5	appendix	appendix	NOUN
economy-6779	27	6	................................................................................................................................................................................................	................................................................................................................................................................................................	PUNCT
economy-6779	27	7	50	50	NUM
economy-6779	27	8	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
economy-6779	27	9	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
economy-6779	27	10	https://www.doi.org/10.20448/economy.v12i2.6779	https://www.doi.org/10.20448/economy.v12i2.6779	PROPN
economy-6779	27	11	economy	economy	NOUN
economy-6779	27	12	,	,	PUNCT
economy-6779	27	13	2025	2025	NUM
economy-6779	27	14	,	,	PUNCT
economy-6779	27	15	12(2	12(2	NUM
economy-6779	27	16	):	):	PUNCT
economy-6779	27	17	40	40	NUM
economy-6779	27	18	-	-	SYM
economy-6779	27	19	50	50	NUM
economy-6779	27	20	41	41	NUM
economy-6779	27	21	©	©	ADP
economy-6779	27	22	2025	2025	NUM
economy-6779	27	23	by	by	ADP
economy-6779	27	24	the	the	DET
economy-6779	27	25	authors	author	NOUN
economy-6779	27	26	;	;	PUNCT
economy-6779	27	27	licensee	licensee	PROPN
economy-6779	27	28	asian	asian	ADJ
economy-6779	27	29	online	online	PROPN
economy-6779	27	30	journal	journal	PROPN
economy-6779	27	31	publishing	publishing	NOUN
economy-6779	27	32	group	group	NOUN
economy-6779	27	33	contribution	contribution	NOUN
economy-6779	27	34	of	of	ADP
economy-6779	27	35	this	this	DET
economy-6779	27	36	paper	paper	NOUN
economy-6779	27	37	to	to	ADP
economy-6779	27	38	the	the	DET
economy-6779	27	39	literature	literature	NOUN
economy-6779	27	40	a	a	DET
economy-6779	27	41	major	major	ADJ
economy-6779	27	42	weakness	weakness	NOUN
economy-6779	27	43	observed	observe	VERB
economy-6779	27	44	in	in	ADP
economy-6779	27	45	the	the	DET
economy-6779	27	46	previous	previous	ADJ
economy-6779	27	47	studies	study	NOUN
economy-6779	27	48	is	be	AUX
economy-6779	27	49	that	that	SCONJ
economy-6779	27	50	annual	annual	ADJ
economy-6779	27	51	data	datum	NOUN
economy-6779	27	52	were	be	AUX
economy-6779	27	53	employed	employ	VERB
economy-6779	27	54	however	however	ADV
economy-6779	27	55	,	,	PUNCT
economy-6779	27	56	this	this	DET
economy-6779	27	57	study	study	NOUN
economy-6779	27	58	has	have	AUX
economy-6779	27	59	used	use	VERB
economy-6779	27	60	monthly	monthly	ADJ
economy-6779	27	61	and	and	CCONJ
economy-6779	27	62	quarterly	quarterly	ADJ
economy-6779	27	63	data	datum	NOUN
economy-6779	27	64	.	.	PUNCT
economy-6779	28	1	consequently	consequently	ADV
economy-6779	28	2	,	,	PUNCT
economy-6779	28	3	the	the	DET
economy-6779	28	4	bulk	bulk	NOUN
economy-6779	28	5	of	of	ADP
economy-6779	28	6	the	the	DET
economy-6779	28	7	studies	study	NOUN
economy-6779	28	8	utilized	utilize	VERB
economy-6779	28	9	the	the	DET
economy-6779	28	10	stock	stock	NOUN
economy-6779	28	11	market	market	NOUN
economy-6779	28	12	as	as	ADP
economy-6779	28	13	the	the	DET
economy-6779	28	14	representation	representation	NOUN
economy-6779	28	15	of	of	ADP
economy-6779	28	16	the	the	DET
economy-6779	28	17	overall	overall	ADJ
economy-6779	28	18	financial	financial	ADJ
economy-6779	28	19	market	market	NOUN
economy-6779	28	20	neglecting	neglect	VERB
economy-6779	28	21	the	the	DET
economy-6779	28	22	rest	rest	NOUN
economy-6779	28	23	of	of	ADP
economy-6779	28	24	the	the	DET
economy-6779	28	25	market	market	NOUN
economy-6779	28	26	segments	segment	NOUN
economy-6779	28	27	.	.	PUNCT
economy-6779	29	1	among	among	ADP
economy-6779	29	2	all	all	PRON
economy-6779	29	3	but	but	SCONJ
economy-6779	29	4	one	one	NUM
economy-6779	29	5	or	or	CCONJ
economy-6779	29	6	two	two	NUM
economy-6779	29	7	of	of	ADP
economy-6779	29	8	the	the	DET
economy-6779	29	9	literatures	literature	NOUN
economy-6779	29	10	scrutinized	scrutinize	VERB
economy-6779	29	11	in	in	ADP
economy-6779	29	12	this	this	DET
economy-6779	29	13	section	section	NOUN
economy-6779	29	14	,	,	PUNCT
economy-6779	29	15	only	only	ADV
economy-6779	29	16	two	two	NUM
economy-6779	29	17	incorporate	incorporate	VERB
economy-6779	29	18	the	the	DET
economy-6779	29	19	usage	usage	NOUN
economy-6779	29	20	of	of	ADP
economy-6779	29	21	ms	ms	PROPN
economy-6779	29	22	var	var	NOUN
economy-6779	29	23	.	.	PUNCT
economy-6779	30	1	1	1	X
economy-6779	30	2	.	.	X
economy-6779	30	3	introduction	introduction	NOUN
economy-6779	30	4	cbn	cbn	PROPN
economy-6779	30	5	’s	’s	PART
economy-6779	30	6	major	major	ADJ
economy-6779	30	7	responsibility	responsibility	NOUN
economy-6779	30	8	as	as	SCONJ
economy-6779	30	9	stated	state	VERB
economy-6779	30	10	expressly	expressly	ADV
economy-6779	30	11	in	in	ADP
economy-6779	30	12	the	the	DET
economy-6779	30	13	cbn	cbn	PROPN
economy-6779	30	14	act	act	NOUN
economy-6779	30	15	of	of	ADP
economy-6779	30	16	2007	2007	NUM
economy-6779	30	17	was	be	AUX
economy-6779	30	18	to	to	PART
economy-6779	30	19	achieve	achieve	VERB
economy-6779	30	20	price	price	NOUN
economy-6779	30	21	stability	stability	NOUN
economy-6779	30	22	and	and	CCONJ
economy-6779	30	23	a	a	DET
economy-6779	30	24	sound	sound	ADJ
economy-6779	30	25	monetary	monetary	ADJ
economy-6779	30	26	system	system	NOUN
economy-6779	30	27	.	.	PUNCT
economy-6779	31	1	in	in	ADP
economy-6779	31	2	achieving	achieve	VERB
economy-6779	31	3	these	these	PRON
economy-6779	31	4	,	,	PUNCT
economy-6779	31	5	updated	update	VERB
economy-6779	31	6	information	information	NOUN
economy-6779	31	7	and	and	CCONJ
economy-6779	31	8	tendencies	tendency	NOUN
economy-6779	31	9	related	relate	VERB
economy-6779	31	10	to	to	ADP
economy-6779	31	11	the	the	DET
economy-6779	31	12	functioning	functioning	NOUN
economy-6779	31	13	of	of	ADP
economy-6779	31	14	the	the	DET
economy-6779	31	15	economy	economy	NOUN
economy-6779	31	16	must	must	AUX
economy-6779	31	17	be	be	AUX
economy-6779	31	18	well	well	ADV
economy-6779	31	19	established	establish	VERB
economy-6779	31	20	.	.	PUNCT
economy-6779	32	1	as	as	ADP
economy-6779	32	2	a	a	DET
economy-6779	32	3	result	result	NOUN
economy-6779	32	4	,	,	PUNCT
economy-6779	32	5	research	research	NOUN
economy-6779	32	6	towards	towards	ADP
economy-6779	32	7	a	a	DET
economy-6779	32	8	better	well	ADJ
economy-6779	32	9	perspective	perspective	NOUN
economy-6779	32	10	of	of	ADP
economy-6779	32	11	the	the	DET
economy-6779	32	12	nigerian	nigerian	ADJ
economy-6779	32	13	economy	economy	NOUN
economy-6779	32	14	will	will	AUX
economy-6779	32	15	assist	assist	VERB
economy-6779	32	16	the	the	DET
economy-6779	32	17	cbn	cbn	PROPN
economy-6779	32	18	in	in	ADP
economy-6779	32	19	attaining	attain	VERB
economy-6779	32	20	its	its	PRON
economy-6779	32	21	monetary	monetary	ADJ
economy-6779	32	22	policy	policy	NOUN
economy-6779	32	23	goals	goal	NOUN
economy-6779	32	24	.	.	PUNCT
economy-6779	33	1	stock	stock	NOUN
economy-6779	33	2	market	market	NOUN
economy-6779	33	3	fluctuation	fluctuation	NOUN
economy-6779	33	4	has	have	AUX
economy-6779	33	5	been	be	AUX
economy-6779	33	6	a	a	DET
economy-6779	33	7	worrisome	worrisome	ADJ
economy-6779	33	8	factor	factor	NOUN
economy-6779	33	9	in	in	ADP
economy-6779	33	10	the	the	DET
economy-6779	33	11	financial	financial	ADJ
economy-6779	33	12	markets	market	NOUN
economy-6779	33	13	among	among	ADP
economy-6779	33	14	policy	policy	NOUN
economy-6779	33	15	makers	maker	NOUN
economy-6779	33	16	,	,	PUNCT
economy-6779	33	17	analysts	analyst	NOUN
economy-6779	33	18	,	,	PUNCT
economy-6779	33	19	corporate	corporate	ADJ
economy-6779	33	20	executives	executive	NOUN
economy-6779	33	21	and	and	CCONJ
economy-6779	33	22	economists	economist	NOUN
economy-6779	33	23	.	.	PUNCT
economy-6779	34	1	during	during	ADP
economy-6779	34	2	the	the	DET
economy-6779	34	3	1980	1980	NUM
economy-6779	34	4	’s	’s	NOUN
economy-6779	34	5	there	there	PRON
economy-6779	34	6	was	be	VERB
economy-6779	34	7	explosive	explosive	ADJ
economy-6779	34	8	development	development	NOUN
economy-6779	34	9	of	of	ADP
economy-6779	34	10	new	new	ADJ
economy-6779	34	11	financial	financial	ADJ
economy-6779	34	12	markets	market	NOUN
economy-6779	34	13	in	in	ADP
economy-6779	34	14	the	the	DET
economy-6779	34	15	international	international	ADJ
economy-6779	34	16	level	level	NOUN
economy-6779	34	17	as	as	ADP
economy-6779	34	18	futures	future	NOUN
economy-6779	34	19	and	and	CCONJ
economy-6779	34	20	options	option	NOUN
economy-6779	34	21	contracts	contract	NOUN
economy-6779	34	22	on	on	ADP
economy-6779	34	23	interest	interest	NOUN
economy-6779	34	24	rates	rate	NOUN
economy-6779	34	25	,	,	PUNCT
economy-6779	34	26	stock	stock	NOUN
economy-6779	34	27	indices	index	NOUN
economy-6779	34	28	,	,	PUNCT
economy-6779	34	29	and	and	CCONJ
economy-6779	34	30	foreign	foreign	ADJ
economy-6779	34	31	exchange	exchange	NOUN
economy-6779	34	32	rates	rate	NOUN
economy-6779	34	33	.	.	PUNCT
economy-6779	35	1	these	these	DET
economy-6779	35	2	markets	market	NOUN
economy-6779	35	3	experienced	experience	VERB
economy-6779	35	4	spectacular	spectacular	ADJ
economy-6779	35	5	expansion	expansion	NOUN
economy-6779	35	6	until	until	SCONJ
economy-6779	35	7	the	the	DET
economy-6779	35	8	world	world	NOUN
economy-6779	35	9	stock	stock	NOUN
economy-6779	35	10	market	market	NOUN
economy-6779	35	11	was	be	AUX
economy-6779	35	12	damped	damp	VERB
economy-6779	35	13	in	in	ADP
economy-6779	35	14	october	october	PROPN
economy-6779	35	15	1987	1987	NUM
economy-6779	35	16	,	,	PUNCT
economy-6779	35	17	resulting	result	VERB
economy-6779	35	18	into	into	ADP
economy-6779	35	19	serious	serious	ADJ
economy-6779	35	20	consideration	consideration	NOUN
economy-6779	35	21	on	on	ADP
economy-6779	35	22	shocks	shock	NOUN
economy-6779	35	23	and	and	CCONJ
economy-6779	35	24	effects	effect	NOUN
economy-6779	35	25	of	of	ADP
economy-6779	35	26	these	these	DET
economy-6779	35	27	new	new	ADJ
economy-6779	35	28	financial	financial	ADJ
economy-6779	35	29	products	product	NOUN
economy-6779	35	30	.	.	PUNCT
economy-6779	36	1	hence	hence	ADV
economy-6779	36	2	,	,	PUNCT
economy-6779	36	3	a	a	DET
economy-6779	36	4	number	number	NOUN
economy-6779	36	5	of	of	ADP
economy-6779	36	6	reforms	reform	NOUN
economy-6779	36	7	concerning	concern	VERB
economy-6779	36	8	the	the	DET
economy-6779	36	9	financial	financial	ADJ
economy-6779	36	10	markets	market	NOUN
economy-6779	36	11	were	be	AUX
economy-6779	36	12	introduced	introduce	VERB
economy-6779	36	13	and	and	CCONJ
economy-6779	36	14	instituted	institute	VERB
economy-6779	36	15	.	.	PUNCT
economy-6779	37	1	as	as	SCONJ
economy-6779	37	2	the	the	DET
economy-6779	37	3	economies	economy	NOUN
economy-6779	37	4	experienced	experience	VERB
economy-6779	37	5	high	high	ADJ
economy-6779	37	6	growth	growth	NOUN
economy-6779	37	7	and	and	CCONJ
economy-6779	37	8	high	high	ADJ
economy-6779	37	9	fluctuations	fluctuation	NOUN
economy-6779	37	10	in	in	ADP
economy-6779	37	11	asset	asset	NOUN
economy-6779	37	12	prices	price	NOUN
economy-6779	37	13	,	,	PUNCT
economy-6779	37	14	there	there	PRON
economy-6779	37	15	arise	arise	VERB
economy-6779	37	16	the	the	DET
economy-6779	37	17	need	need	NOUN
economy-6779	37	18	to	to	PART
economy-6779	37	19	question	question	VERB
economy-6779	37	20	the	the	DET
economy-6779	37	21	efficient	efficient	ADJ
economy-6779	37	22	markets	market	NOUN
economy-6779	37	23	hypothesis	hypothesis	NOUN
economy-6779	37	24	,	,	PUNCT
economy-6779	37	25	which	which	PRON
economy-6779	37	26	asserts	assert	VERB
economy-6779	37	27	that	that	SCONJ
economy-6779	37	28	financial	financial	ADJ
economy-6779	37	29	markets	market	NOUN
economy-6779	37	30	must	must	AUX
economy-6779	37	31	provide	provide	VERB
economy-6779	37	32	the	the	DET
economy-6779	37	33	correct	correct	ADJ
economy-6779	37	34	value	value	NOUN
economy-6779	37	35	for	for	ADP
economy-6779	37	36	securities	security	NOUN
economy-6779	37	37	.	.	PUNCT
economy-6779	38	1	monetary	monetary	ADJ
economy-6779	38	2	policy	policy	NOUN
economy-6779	38	3	and	and	CCONJ
economy-6779	38	4	its	its	PRON
economy-6779	38	5	impact	impact	NOUN
economy-6779	38	6	on	on	ADP
economy-6779	38	7	stock	stock	NOUN
economy-6779	38	8	market	market	NOUN
economy-6779	38	9	volatility	volatility	NOUN
economy-6779	38	10	have	have	AUX
economy-6779	38	11	also	also	ADV
economy-6779	38	12	received	receive	VERB
economy-6779	38	13	considerable	considerable	ADJ
economy-6779	38	14	attention	attention	NOUN
economy-6779	38	15	in	in	ADP
economy-6779	38	16	the	the	DET
economy-6779	38	17	literature	literature	NOUN
economy-6779	38	18	with	with	ADP
economy-6779	38	19	focused	focus	VERB
economy-6779	38	20	on	on	ADP
economy-6779	38	21	developed	develop	VERB
economy-6779	38	22	countries	country	NOUN
economy-6779	38	23	(	(	PUNCT
economy-6779	38	24	bomfim	bomfim	NOUN
economy-6779	38	25	,	,	PUNCT
economy-6779	38	26	2003	2003	NUM
economy-6779	38	27	;	;	PUNCT
economy-6779	38	28	chatziantoniou	chatziantoniou	NOUN
economy-6779	38	29	,	,	PUNCT
economy-6779	38	30	duffy	duffy	PROPN
economy-6779	38	31	,	,	PUNCT
economy-6779	38	32	&	&	CCONJ
economy-6779	38	33	filis	filis	PROPN
economy-6779	38	34	,	,	PUNCT
economy-6779	38	35	2013	2013	NUM
economy-6779	38	36	;	;	PUNCT
economy-6779	38	37	chen	chen	PROPN
economy-6779	38	38	&	&	CCONJ
economy-6779	38	39	clements	clements	PROPN
economy-6779	38	40	,	,	PUNCT
economy-6779	38	41	2007	2007	NUM
economy-6779	38	42	;	;	PUNCT
economy-6779	38	43	farka	farka	NOUN
economy-6779	38	44	,	,	PUNCT
economy-6779	38	45	2009	2009	NUM
economy-6779	38	46	;	;	PUNCT
economy-6779	38	47	konrad	konrad	PROPN
economy-6779	38	48	,	,	PUNCT
economy-6779	38	49	2009	2009	NUM
economy-6779	38	50	;	;	PUNCT
economy-6779	38	51	lobo	lobo	NOUN
economy-6779	38	52	,	,	PUNCT
economy-6779	38	53	2002	2002	NUM
economy-6779	38	54	;	;	PUNCT
economy-6779	38	55	vähämaa	vähämaa	NOUN
economy-6779	38	56	&	&	CCONJ
economy-6779	38	57	äijö	äijö	PROPN
economy-6779	38	58	,	,	PUNCT
economy-6779	38	59	2011	2011	NUM
economy-6779	38	60	)	)	PUNCT
economy-6779	38	61	.	.	PUNCT
economy-6779	39	1	the	the	DET
economy-6779	39	2	synthesis	synthesis	NOUN
economy-6779	39	3	of	of	ADP
economy-6779	39	4	various	various	ADJ
economy-6779	39	5	previous	previous	ADJ
economy-6779	39	6	studies	study	NOUN
economy-6779	39	7	reveals	reveal	VERB
economy-6779	39	8	that	that	SCONJ
economy-6779	39	9	central	central	ADJ
economy-6779	39	10	bank	bank	NOUN
economy-6779	39	11	monetary	monetary	ADJ
economy-6779	39	12	policy	policy	NOUN
economy-6779	39	13	is	be	AUX
economy-6779	39	14	an	an	DET
economy-6779	39	15	important	important	ADJ
economy-6779	39	16	determinant	determinant	NOUN
economy-6779	39	17	of	of	ADP
economy-6779	39	18	stock	stock	NOUN
economy-6779	39	19	market	market	NOUN
economy-6779	39	20	volatility	volatility	NOUN
economy-6779	39	21	.	.	PUNCT
economy-6779	40	1	the	the	DET
economy-6779	40	2	evidence	evidence	NOUN
economy-6779	40	3	indicates	indicate	VERB
economy-6779	40	4	that	that	SCONJ
economy-6779	40	5	the	the	DET
economy-6779	40	6	responses	response	NOUN
economy-6779	40	7	of	of	ADP
economy-6779	40	8	stock	stock	NOUN
economy-6779	40	9	returns	return	NOUN
economy-6779	40	10	and	and	CCONJ
economy-6779	40	11	volatility	volatility	NOUN
economy-6779	40	12	to	to	ADP
economy-6779	40	13	policy	policy	NOUN
economy-6779	40	14	interest	interest	NOUN
economy-6779	40	15	rate	rate	NOUN
economy-6779	40	16	changes	change	NOUN
economy-6779	40	17	are	be	AUX
economy-6779	40	18	symmetric	symmetric	ADJ
economy-6779	40	19	.	.	PUNCT
economy-6779	41	1	while	while	SCONJ
economy-6779	41	2	analyzing	analyze	VERB
economy-6779	41	3	stock	stock	NOUN
economy-6779	41	4	returns	return	NOUN
economy-6779	41	5	,	,	PUNCT
economy-6779	41	6	lobo	lobo	NOUN
economy-6779	41	7	(	(	PUNCT
economy-6779	41	8	2000	2000	NUM
economy-6779	41	9	)	)	PUNCT
economy-6779	41	10	;	;	PUNCT
economy-6779	41	11	bernanke	bernanke	PROPN
economy-6779	41	12	and	and	CCONJ
economy-6779	41	13	kuttner	kuttner	NOUN
economy-6779	41	14	(	(	PUNCT
economy-6779	41	15	2005	2005	NUM
economy-6779	41	16	)	)	PUNCT
economy-6779	41	17	;	;	PUNCT
economy-6779	41	18	chuliá	chuliá	PROPN
economy-6779	41	19	,	,	PUNCT
economy-6779	41	20	martens	marten	NOUN
economy-6779	41	21	,	,	PUNCT
economy-6779	41	22	and	and	CCONJ
economy-6779	41	23	van	van	PROPN
economy-6779	41	24	dijk	dijk	PROPN
economy-6779	41	25	(	(	PUNCT
economy-6779	41	26	2010	2010	NUM
economy-6779	41	27	)	)	PUNCT
economy-6779	41	28	and	and	CCONJ
economy-6779	41	29	zare	zare	PROPN
economy-6779	41	30	,	,	PUNCT
economy-6779	41	31	azali	azali	VERB
economy-6779	41	32	,	,	PUNCT
economy-6779	41	33	and	and	CCONJ
economy-6779	41	34	habibullah	habibullah	PROPN
economy-6779	41	35	(	(	PUNCT
economy-6779	41	36	2013	2013	NUM
economy-6779	41	37	)	)	PUNCT
economy-6779	41	38	investigated	investigate	VERB
economy-6779	41	39	the	the	DET
economy-6779	41	40	asymmetries	asymmetry	NOUN
economy-6779	41	41	associated	associate	VERB
economy-6779	41	42	with	with	ADP
economy-6779	41	43	the	the	DET
economy-6779	41	44	direction	direction	NOUN
economy-6779	41	45	of	of	ADP
economy-6779	41	46	the	the	DET
economy-6779	41	47	monetary	monetary	ADJ
economy-6779	41	48	policy	policy	NOUN
economy-6779	41	49	shocks	shock	NOUN
economy-6779	41	50	.	.	PUNCT
economy-6779	42	1	guo	guo	PROPN
economy-6779	42	2	(	(	PUNCT
economy-6779	42	3	2004	2004	NUM
economy-6779	42	4	)	)	PUNCT
economy-6779	42	5	;	;	PUNCT
economy-6779	42	6	andersen	andersen	PROPN
economy-6779	42	7	,	,	PUNCT
economy-6779	42	8	bollerslev	bollerslev	NOUN
economy-6779	42	9	,	,	PUNCT
economy-6779	42	10	diebold	diebold	NOUN
economy-6779	42	11	,	,	PUNCT
economy-6779	42	12	and	and	CCONJ
economy-6779	42	13	vega	vega	PROPN
economy-6779	42	14	(	(	PUNCT
economy-6779	42	15	2007	2007	NUM
economy-6779	42	16	)	)	PUNCT
economy-6779	42	17	and	and	CCONJ
economy-6779	42	18	basistha	basistha	VERB
economy-6779	42	19	and	and	CCONJ
economy-6779	42	20	kurov	kurov	PROPN
economy-6779	42	21	(	(	PUNCT
economy-6779	42	22	2008	2008	NUM
economy-6779	42	23	)	)	PUNCT
economy-6779	42	24	worked	work	VERB
economy-6779	42	25	on	on	ADP
economy-6779	42	26	business	business	NOUN
economy-6779	42	27	cycles	cycle	NOUN
economy-6779	42	28	asymmetry	asymmetry	NOUN
economy-6779	42	29	.	.	PUNCT
economy-6779	43	1	besides	besides	SCONJ
economy-6779	43	2	,	,	PUNCT
economy-6779	43	3	jiang	jiang	PROPN
economy-6779	43	4	(	(	PUNCT
economy-6779	43	5	2018	2018	NUM
economy-6779	43	6	)	)	PUNCT
economy-6779	43	7	focused	focus	VERB
economy-6779	43	8	on	on	ADP
economy-6779	43	9	the	the	DET
economy-6779	43	10	asymmetrical	asymmetrical	ADJ
economy-6779	43	11	effects	effect	NOUN
economy-6779	43	12	of	of	ADP
economy-6779	43	13	the	the	DET
economy-6779	43	14	positive	positive	ADJ
economy-6779	43	15	and	and	CCONJ
economy-6779	43	16	negative	negative	ADJ
economy-6779	43	17	monetary	monetary	ADJ
economy-6779	43	18	policy	policy	NOUN
economy-6779	43	19	shocks	shock	NOUN
economy-6779	43	20	on	on	ADP
economy-6779	43	21	stock	stock	NOUN
economy-6779	43	22	market	market	NOUN
economy-6779	43	23	volatility	volatility	NOUN
economy-6779	43	24	.	.	PUNCT
economy-6779	44	1	however	however	ADV
economy-6779	44	2	,	,	PUNCT
economy-6779	44	3	existing	exist	VERB
economy-6779	44	4	literature	literature	NOUN
economy-6779	44	5	testing	test	VERB
economy-6779	44	6	the	the	DET
economy-6779	44	7	asymmetry	asymmetry	NOUN
economy-6779	44	8	effect	effect	NOUN
economy-6779	44	9	of	of	ADP
economy-6779	44	10	stock	stock	NOUN
economy-6779	44	11	market	market	NOUN
economy-6779	44	12	volatility	volatility	NOUN
economy-6779	44	13	to	to	ADP
economy-6779	44	14	monetary	monetary	ADJ
economy-6779	44	15	policy	policy	NOUN
economy-6779	44	16	during	during	ADP
economy-6779	44	17	the	the	DET
economy-6779	44	18	bull	bull	NOUN
economy-6779	44	19	and	and	CCONJ
economy-6779	44	20	bear	bear	VERB
economy-6779	44	21	phases	phase	NOUN
economy-6779	44	22	remains	remain	VERB
economy-6779	44	23	scanty	scanty	ADJ
economy-6779	44	24	.	.	PUNCT
economy-6779	45	1	in	in	ADP
economy-6779	45	2	the	the	DET
economy-6779	45	3	last	last	ADJ
economy-6779	45	4	four	four	NUM
economy-6779	45	5	decades	decade	NOUN
economy-6779	45	6	,	,	PUNCT
economy-6779	45	7	co	co	NOUN
economy-6779	45	8	-	-	NOUN
economy-6779	45	9	movement	movement	NOUN
economy-6779	45	10	between	between	ADP
economy-6779	45	11	stock	stock	NOUN
economy-6779	45	12	markets	market	NOUN
economy-6779	45	13	and	and	CCONJ
economy-6779	45	14	monetary	monetary	ADJ
economy-6779	45	15	variables	variable	NOUN
economy-6779	45	16	has	have	AUX
economy-6779	45	17	attracted	attract	VERB
economy-6779	45	18	considerable	considerable	ADJ
economy-6779	45	19	emphasis	emphasis	NOUN
economy-6779	45	20	from	from	ADP
economy-6779	45	21	economists	economist	NOUN
economy-6779	45	22	and	and	CCONJ
economy-6779	45	23	financiers	financier	NOUN
economy-6779	45	24	of	of	ADP
economy-6779	45	25	the	the	DET
economy-6779	45	26	developed	developed	ADJ
economy-6779	45	27	and	and	CCONJ
economy-6779	45	28	emerging	emerge	VERB
economy-6779	45	29	economies	economy	NOUN
economy-6779	45	30	(	(	PUNCT
economy-6779	45	31	hassan	hassan	PROPN
economy-6779	45	32	,	,	PUNCT
economy-6779	45	33	2017	2017	NUM
economy-6779	45	34	)	)	PUNCT
economy-6779	45	35	.	.	PUNCT
economy-6779	46	1	theoretically	theoretically	ADV
economy-6779	46	2	this	this	DET
economy-6779	46	3	linkage	linkage	NOUN
economy-6779	46	4	is	be	AUX
economy-6779	46	5	perhaps	perhaps	ADV
economy-6779	46	6	obvious	obvious	ADJ
economy-6779	46	7	since	since	SCONJ
economy-6779	46	8	monetary	monetary	ADJ
economy-6779	46	9	variables	variable	NOUN
economy-6779	46	10	are	be	AUX
economy-6779	46	11	known	know	VERB
economy-6779	46	12	to	to	PART
economy-6779	46	13	have	have	VERB
economy-6779	46	14	a	a	DET
economy-6779	46	15	pivotal	pivotal	ADJ
economy-6779	46	16	role	role	NOUN
economy-6779	46	17	in	in	ADP
economy-6779	46	18	the	the	DET
economy-6779	46	19	course	course	NOUN
economy-6779	46	20	of	of	ADP
economy-6779	46	21	determining	determine	VERB
economy-6779	46	22	a	a	DET
economy-6779	46	23	firm	firm	NOUN
economy-6779	46	24	’s	’s	PART
economy-6779	46	25	cash	cash	NOUN
economy-6779	46	26	flows	flow	NOUN
economy-6779	46	27	and	and	CCONJ
economy-6779	46	28	the	the	DET
economy-6779	46	29	systematic	systematic	ADJ
economy-6779	46	30	risk	risk	NOUN
economy-6779	46	31	of	of	ADP
economy-6779	46	32	the	the	DET
economy-6779	46	33	firm	firm	NOUN
economy-6779	46	34	.	.	PUNCT
economy-6779	47	1	because	because	SCONJ
economy-6779	47	2	stock	stock	NOUN
economy-6779	47	3	prices	price	NOUN
economy-6779	47	4	equal	equal	VERB
economy-6779	47	5	the	the	DET
economy-6779	47	6	present	present	ADJ
economy-6779	47	7	value	value	NOUN
economy-6779	47	8	of	of	ADP
economy-6779	47	9	expected	expect	VERB
economy-6779	47	10	dividend	dividend	NOUN
economy-6779	47	11	tutorials	tutorial	NOUN
economy-6779	47	12	,	,	PUNCT
economy-6779	47	13	any	any	DET
economy-6779	47	14	prospective	prospective	ADJ
economy-6779	47	15	or	or	CCONJ
economy-6779	47	16	contingent	contingent	ADJ
economy-6779	47	17	alteration	alteration	NOUN
economy-6779	47	18	in	in	ADP
economy-6779	47	19	information	information	NOUN
economy-6779	47	20	related	relate	VERB
economy-6779	47	21	to	to	ADP
economy-6779	47	22	inflation	inflation	NOUN
economy-6779	47	23	,	,	PUNCT
economy-6779	47	24	interest	interest	NOUN
economy-6779	47	25	rates	rate	NOUN
economy-6779	47	26	,	,	PUNCT
economy-6779	47	27	exchange	exchange	NOUN
economy-6779	47	28	rates	rate	NOUN
economy-6779	47	29	and	and	CCONJ
economy-6779	47	30	other	other	ADJ
economy-6779	47	31	monetary	monetary	ADJ
economy-6779	47	32	variables	variable	NOUN
economy-6779	47	33	might	might	AUX
economy-6779	47	34	disturb	disturb	VERB
economy-6779	47	35	stock	stock	NOUN
economy-6779	47	36	prices	price	NOUN
economy-6779	47	37	through	through	ADP
economy-6779	47	38	alliterating	alliterate	VERB
economy-6779	47	39	either	either	CCONJ
economy-6779	47	40	expectations	expectation	NOUN
economy-6779	47	41	of	of	ADP
economy-6779	47	42	dividends	dividend	NOUN
economy-6779	47	43	or	or	CCONJ
economy-6779	47	44	discount	discount	NOUN
economy-6779	47	45	rates	rate	NOUN
economy-6779	47	46	,	,	PUNCT
economy-6779	47	47	or	or	CCONJ
economy-6779	47	48	perhaps	perhaps	ADV
economy-6779	47	49	both	both	PRON
economy-6779	47	50	(	(	PUNCT
economy-6779	47	51	arnold	arnold	PROPN
economy-6779	47	52	&	&	CCONJ
economy-6779	47	53	vrugt	vrugt	PROPN
economy-6779	47	54	,	,	PUNCT
economy-6779	47	55	2006	2006	NUM
economy-6779	47	56	)	)	PUNCT
economy-6779	47	57	.	.	PUNCT
economy-6779	48	1	hence	hence	ADV
economy-6779	48	2	,	,	PUNCT
economy-6779	48	3	it	it	PRON
economy-6779	48	4	is	be	AUX
economy-6779	48	5	theoretically	theoretically	ADV
economy-6779	48	6	plausible	plausible	ADJ
economy-6779	48	7	to	to	PART
economy-6779	48	8	claim	claim	VERB
economy-6779	48	9	that	that	SCONJ
economy-6779	48	10	the	the	DET
economy-6779	48	11	conditional	conditional	ADJ
economy-6779	48	12	variance	variance	NOUN
economy-6779	48	13	of	of	ADP
economy-6779	48	14	current	current	ADJ
economy-6779	48	15	stock	stock	NOUN
economy-6779	48	16	returns	return	NOUN
economy-6779	48	17	is	be	AUX
economy-6779	48	18	associated	associate	VERB
economy-6779	48	19	with	with	ADP
economy-6779	48	20	the	the	DET
economy-6779	48	21	conditional	conditional	ADJ
economy-6779	48	22	variance	variance	NOUN
economy-6779	48	23	of	of	ADP
economy-6779	48	24	expected	expect	VERB
economy-6779	48	25	future	future	ADJ
economy-6779	48	26	cash	cash	NOUN
economy-6779	48	27	flows	flow	NOUN
economy-6779	48	28	and	and	CCONJ
economy-6779	48	29	discount	discount	NOUN
economy-6779	48	30	rates	rate	NOUN
economy-6779	48	31	,	,	PUNCT
economy-6779	48	32	together	together	ADV
economy-6779	48	33	with	with	ADP
economy-6779	48	34	their	their	PRON
economy-6779	48	35	conditional	conditional	ADJ
economy-6779	48	36	covariance	covariance	NOUN
economy-6779	48	37	.	.	PUNCT
economy-6779	49	1	since	since	SCONJ
economy-6779	49	2	both	both	PRON
economy-6779	49	3	expected	expect	VERB
economy-6779	49	4	cash	cash	NOUN
economy-6779	49	5	flow	flow	NOUN
economy-6779	49	6	and	and	CCONJ
economy-6779	49	7	discount	discount	NOUN
economy-6779	49	8	rate	rate	NOUN
economy-6779	49	9	depends	depend	VERB
economy-6779	49	10	on	on	ADP
economy-6779	49	11	monetary	monetary	ADJ
economy-6779	49	12	variables	variable	NOUN
economy-6779	49	13	,	,	PUNCT
economy-6779	49	14	it	it	PRON
economy-6779	49	15	is	be	AUX
economy-6779	49	16	not	not	PART
economy-6779	49	17	surprising	surprising	ADJ
economy-6779	49	18	to	to	PART
economy-6779	49	19	find	find	VERB
economy-6779	49	20	that	that	SCONJ
economy-6779	49	21	higher	high	ADJ
economy-6779	49	22	variability	variability	NOUN
economy-6779	49	23	of	of	ADP
economy-6779	49	24	these	these	DET
economy-6779	49	25	variables	variable	NOUN
economy-6779	49	26	cause	cause	VERB
economy-6779	49	27	a	a	DET
economy-6779	49	28	similar	similar	ADJ
economy-6779	49	29	response	response	NOUN
economy-6779	49	30	in	in	ADP
economy-6779	49	31	the	the	DET
economy-6779	49	32	volatility	volatility	NOUN
economy-6779	49	33	of	of	ADP
economy-6779	49	34	current	current	ADJ
economy-6779	49	35	returns	return	NOUN
economy-6779	49	36	on	on	ADP
economy-6779	49	37	stock	stock	NOUN
economy-6779	49	38	(	(	PUNCT
economy-6779	49	39	poon	poon	NOUN
economy-6779	49	40	&	&	CCONJ
economy-6779	49	41	granger	granger	PROPN
economy-6779	49	42	,	,	PUNCT
economy-6779	49	43	2003	2003	NUM
economy-6779	49	44	)	)	PUNCT
economy-6779	49	45	.	.	PUNCT
economy-6779	50	1	a	a	DET
economy-6779	50	2	cross	cross	NOUN
economy-6779	50	3	-	-	NOUN
economy-6779	50	4	section	section	NOUN
economy-6779	50	5	of	of	ADP
economy-6779	50	6	african	african	ADJ
economy-6779	50	7	countries	country	NOUN
economy-6779	50	8	have	have	AUX
economy-6779	50	9	operated	operate	VERB
economy-6779	50	10	in	in	ADP
economy-6779	50	11	the	the	DET
economy-6779	50	12	context	context	NOUN
economy-6779	50	13	of	of	ADP
economy-6779	50	14	continuing	continue	VERB
economy-6779	50	15	macroeconomic	macroeconomic	ADJ
economy-6779	50	16	troubles	trouble	NOUN
economy-6779	50	17	accentuated	accentuate	VERB
economy-6779	50	18	by	by	ADP
economy-6779	50	19	constant	constant	ADJ
economy-6779	50	20	shifts	shift	NOUN
economy-6779	50	21	in	in	ADP
economy-6779	50	22	monetary	monetary	ADJ
economy-6779	50	23	and	and	CCONJ
economy-6779	50	24	macroeconomics	macroeconomic	NOUN
economy-6779	50	25	.	.	PUNCT
economy-6779	51	1	as	as	ADP
economy-6779	51	2	a	a	DET
economy-6779	51	3	result	result	NOUN
economy-6779	51	4	,	,	PUNCT
economy-6779	51	5	the	the	DET
economy-6779	51	6	over	over	ADV
economy-6779	51	7	-	-	PUNCT
economy-6779	51	8	arching	arch	VERB
economy-6779	51	9	question	question	NOUN
economy-6779	51	10	arise	arise	NOUN
economy-6779	51	11	;	;	PUNCT
economy-6779	51	12	to	to	ADP
economy-6779	51	13	what	what	DET
economy-6779	51	14	extent	extent	NOUN
economy-6779	51	15	are	be	AUX
economy-6779	51	16	these	these	DET
economy-6779	51	17	policies	policy	NOUN
economy-6779	51	18	yielding	yield	VERB
economy-6779	51	19	the	the	DET
economy-6779	51	20	desired	desire	VERB
economy-6779	51	21	economic	economic	ADJ
economy-6779	51	22	impacts	impact	NOUN
economy-6779	51	23	with	with	ADP
economy-6779	51	24	regards	regard	NOUN
economy-6779	51	25	to	to	ADP
economy-6779	51	26	the	the	DET
economy-6779	51	27	financial	financial	ADJ
economy-6779	51	28	market	market	NOUN
economy-6779	51	29	?	?	PUNCT
economy-6779	52	1	currently	currently	ADV
economy-6779	52	2	,	,	PUNCT
economy-6779	52	3	people	people	NOUN
economy-6779	52	4	have	have	VERB
economy-6779	52	5	differing	differ	VERB
economy-6779	52	6	views	view	NOUN
economy-6779	52	7	in	in	ADP
economy-6779	52	8	relation	relation	NOUN
economy-6779	52	9	to	to	ADP
economy-6779	52	10	the	the	DET
economy-6779	52	11	impacts	impact	NOUN
economy-6779	52	12	of	of	ADP
economy-6779	52	13	monetary	monetary	ADJ
economy-6779	52	14	policy	policy	NOUN
economy-6779	52	15	.	.	PUNCT
economy-6779	53	1	for	for	ADP
economy-6779	53	2	instance	instance	NOUN
economy-6779	53	3	,	,	PUNCT
economy-6779	53	4	while	while	SCONJ
economy-6779	53	5	asserting	assert	VERB
economy-6779	53	6	their	their	PRON
economy-6779	53	7	tenets	tenet	NOUN
economy-6779	53	8	,	,	PUNCT
economy-6779	53	9	monetarist	monetarist	NOUN
economy-6779	53	10	vehemently	vehemently	ADV
economy-6779	53	11	support	support	VERB
economy-6779	53	12	that	that	SCONJ
economy-6779	53	13	monetary	monetary	ADJ
economy-6779	53	14	policy	policy	NOUN
economy-6779	53	15	plays	play	VERB
economy-6779	53	16	a	a	DET
economy-6779	53	17	very	very	ADV
economy-6779	53	18	important	important	ADJ
economy-6779	53	19	role	role	NOUN
economy-6779	53	20	in	in	ADP
economy-6779	53	21	impacting	impact	VERB
economy-6779	53	22	economic	economic	ADJ
economy-6779	53	23	activities	activity	NOUN
economy-6779	53	24	,	,	PUNCT
economy-6779	53	25	they	they	PRON
economy-6779	53	26	argue	argue	VERB
economy-6779	53	27	that	that	SCONJ
economy-6779	53	28	unexpected	unexpected	ADJ
economy-6779	53	29	changes	change	NOUN
economy-6779	53	30	in	in	ADP
economy-6779	53	31	stock	stock	NOUN
economy-6779	53	32	of	of	ADP
economy-6779	53	33	money	money	NOUN
economy-6779	53	34	cause	cause	VERB
economy-6779	53	35	movements	movement	NOUN
economy-6779	53	36	in	in	ADP
economy-6779	53	37	output	output	NOUN
economy-6779	53	38	and	and	CCONJ
economy-6779	53	39	growth	growth	NOUN
economy-6779	53	40	.	.	PUNCT
economy-6779	54	1	they	they	PRON
economy-6779	54	2	further	far	ADV
economy-6779	54	3	strengthen	strengthen	VERB
economy-6779	54	4	that	that	SCONJ
economy-6779	54	5	only	only	ADV
economy-6779	54	6	if	if	SCONJ
economy-6779	54	7	the	the	DET
economy-6779	54	8	money	money	NOUN
economy-6779	54	9	supply	supply	NOUN
economy-6779	54	10	rises	rise	VERB
economy-6779	54	11	unexpectedly	unexpectedly	ADV
economy-6779	54	12	can	can	AUX
economy-6779	54	13	the	the	DET
economy-6779	54	14	central	central	ADJ
economy-6779	54	15	bank	bank	NOUN
economy-6779	54	16	stimulate	stimulate	VERB
economy-6779	54	17	economic	economic	ADJ
economy-6779	54	18	growth	growth	NOUN
economy-6779	54	19	(	(	PUNCT
economy-6779	54	20	adeolu	adeolu	NOUN
economy-6779	54	21	,	,	PUNCT
economy-6779	54	22	kehinde	kehinde	NOUN
economy-6779	54	23	,	,	PUNCT
economy-6779	54	24	&	&	CCONJ
economy-6779	54	25	bolarinwa	bolarinwa	PROPN
economy-6779	54	26	,	,	PUNCT
economy-6779	54	27	2012	2012	NUM
economy-6779	54	28	)	)	PUNCT
economy-6779	54	29	.	.	PUNCT
economy-6779	55	1	the	the	DET
economy-6779	55	2	analysis	analysis	NOUN
economy-6779	55	3	of	of	ADP
economy-6779	55	4	the	the	DET
economy-6779	55	5	available	available	ADJ
economy-6779	55	6	literature	literature	NOUN
economy-6779	55	7	also	also	ADV
economy-6779	55	8	shows	show	VERB
economy-6779	55	9	that	that	SCONJ
economy-6779	55	10	decisions	decision	NOUN
economy-6779	55	11	on	on	ADP
economy-6779	55	12	monetary	monetary	ADJ
economy-6779	55	13	policy	policy	NOUN
economy-6779	55	14	affect	affect	VERB
economy-6779	55	15	the	the	DET
economy-6779	55	16	real	real	ADJ
economy-6779	55	17	part	part	NOUN
economy-6779	55	18	of	of	ADP
economy-6779	55	19	the	the	DET
economy-6779	55	20	economy	economy	NOUN
economy-6779	55	21	(	(	PUNCT
economy-6779	55	22	ioannidis	ioannidis	NOUN
economy-6779	55	23	&	&	CCONJ
economy-6779	55	24	kontonikas	kontonikas	PROPN
economy-6779	55	25	,	,	PUNCT
economy-6779	55	26	2008	2008	NUM
economy-6779	55	27	)	)	PUNCT
economy-6779	55	28	.	.	PUNCT
economy-6779	56	1	from	from	ADP
economy-6779	56	2	their	their	PRON
economy-6779	56	3	study	study	NOUN
economy-6779	56	4	,	,	PUNCT
economy-6779	56	5	found	find	VERB
economy-6779	56	6	out	out	ADP
economy-6779	56	7	that	that	SCONJ
economy-6779	56	8	monetary	monetary	ADJ
economy-6779	56	9	policy	policy	NOUN
economy-6779	56	10	affects	affect	VERB
economy-6779	56	11	stock	stock	NOUN
economy-6779	56	12	prices	price	NOUN
economy-6779	56	13	and	and	CCONJ
economy-6779	56	14	that	that	SCONJ
economy-6779	56	15	there	there	PRON
economy-6779	56	16	is	be	VERB
economy-6779	56	17	a	a	DET
economy-6779	56	18	pass	pass	VERB
economy-6779	56	19	-	-	PUNCT
economy-6779	56	20	through	through	ADP
economy-6779	56	21	effect	effect	NOUN
economy-6779	56	22	on	on	ADP
economy-6779	56	23	consumption	consumption	NOUN
economy-6779	56	24	and	and	CCONJ
economy-6779	56	25	investment	investment	NOUN
economy-6779	56	26	spending	spending	NOUN
economy-6779	56	27	in	in	ADP
economy-6779	56	28	the	the	DET
economy-6779	56	29	real	real	ADJ
economy-6779	56	30	sector	sector	NOUN
economy-6779	56	31	.	.	PUNCT
economy-6779	57	1	this	this	PRON
economy-6779	57	2	is	be	AUX
economy-6779	57	3	in	in	ADP
economy-6779	57	4	congruency	congruency	NOUN
economy-6779	57	5	with	with	ADP
economy-6779	57	6	modigliani	modigliani	PROPN
economy-6779	57	7	’s	’s	PART
economy-6779	57	8	life	life	NOUN
economy-6779	57	9	cycle	cycle	NOUN
economy-6779	57	10	hypothesis	hypothesis	NOUN
economy-6779	57	11	where	where	SCONJ
economy-6779	57	12	there	there	PRON
economy-6779	57	13	is	be	VERB
economy-6779	57	14	a	a	DET
economy-6779	57	15	positive	positive	ADJ
economy-6779	57	16	relationship	relationship	NOUN
economy-6779	57	17	between	between	ADP
economy-6779	57	18	consumer	consumer	NOUN
economy-6779	57	19	’s	’s	PART
economy-6779	57	20	and	and	CCONJ
economy-6779	57	21	investment	investment	NOUN
economy-6779	57	22	spending	spending	NOUN
economy-6779	57	23	as	as	ADV
economy-6779	57	24	well	well	ADV
economy-6779	57	25	as	as	ADP
economy-6779	57	26	tobin	tobin	PROPN
economy-6779	57	27	’s	’s	PART
economy-6779	57	28	q	q	NOUN
economy-6779	57	29	hypothesis	hypothesis	NOUN
economy-6779	57	30	,	,	PUNCT
economy-6779	57	31	investment	investment	NOUN
economy-6779	57	32	expenditure	expenditure	NOUN
economy-6779	57	33	and	and	CCONJ
economy-6779	57	34	prices	price	NOUN
economy-6779	57	35	for	for	ADP
economy-6779	57	36	stocks	stock	NOUN
economy-6779	57	37	(	(	PUNCT
economy-6779	57	38	ewing	ewing	NOUN
economy-6779	57	39	,	,	PUNCT
economy-6779	57	40	2001	2001	NUM
economy-6779	57	41	)	)	PUNCT
economy-6779	57	42	.	.	PUNCT
economy-6779	58	1	further	far	ADV
economy-6779	58	2	,	,	PUNCT
economy-6779	58	3	chami	chami	NOUN
economy-6779	58	4	,	,	PUNCT
economy-6779	58	5	cosimano	cosimano	NOUN
economy-6779	58	6	,	,	PUNCT
economy-6779	58	7	and	and	CCONJ
economy-6779	58	8	fullenkamp	fullenkamp	NOUN
economy-6779	58	9	(	(	PUNCT
economy-6779	58	10	1999	1999	NUM
economy-6779	58	11	)	)	PUNCT
economy-6779	58	12	established	establish	VERB
economy-6779	58	13	that	that	SCONJ
economy-6779	58	14	the	the	DET
economy-6779	58	15	main	main	ADJ
economy-6779	58	16	policy	policy	NOUN
economy-6779	58	17	channel	channel	NOUN
economy-6779	58	18	through	through	ADP
economy-6779	58	19	which	which	PRON
economy-6779	58	20	the	the	DET
economy-6779	58	21	effects	effect	NOUN
economy-6779	58	22	of	of	ADP
economy-6779	58	23	monetary	monetary	ADJ
economy-6779	58	24	policy	policy	NOUN
economy-6779	58	25	are	be	AUX
economy-6779	58	26	transmitted	transmit	VERB
economy-6779	58	27	is	be	AUX
economy-6779	58	28	significantly	significantly	ADV
economy-6779	58	29	different	different	ADJ
economy-6779	58	30	from	from	ADP
economy-6779	58	31	the	the	DET
economy-6779	58	32	money	money	NOUN
economy-6779	58	33	and	and	CCONJ
economy-6779	58	34	credit	credit	NOUN
economy-6779	58	35	channels	channel	NOUN
economy-6779	58	36	,	,	PUNCT
economy-6779	58	37	but	but	CCONJ
economy-6779	58	38	rather	rather	ADV
economy-6779	58	39	it	it	PRON
economy-6779	58	40	involves	involve	VERB
economy-6779	58	41	change	change	NOUN
economy-6779	58	42	in	in	ADP
economy-6779	58	43	asset	asset	NOUN
economy-6779	58	44	prices	price	NOUN
economy-6779	58	45	.	.	PUNCT
economy-6779	59	1	this	this	PRON
economy-6779	59	2	is	be	AUX
economy-6779	59	3	supportive	supportive	ADJ
economy-6779	59	4	of	of	ADP
economy-6779	59	5	the	the	DET
economy-6779	59	6	idea	idea	NOUN
economy-6779	59	7	that	that	SCONJ
economy-6779	59	8	the	the	DET
economy-6779	59	9	monetary	monetary	ADJ
economy-6779	59	10	policy	policy	NOUN
economy-6779	59	11	might	might	AUX
economy-6779	59	12	be	be	AUX
economy-6779	59	13	transmitted	transmit	VERB
economy-6779	59	14	through	through	ADP
economy-6779	59	15	the	the	DET
economy-6779	59	16	stock	stock	NOUN
economy-6779	59	17	market	market	NOUN
economy-6779	59	18	as	as	ADP
economy-6779	59	19	an	an	DET
economy-6779	59	20	additional	additional	ADJ
economy-6779	59	21	mechanism	mechanism	NOUN
economy-6779	59	22	.	.	PUNCT
economy-6779	60	1	moreover	moreover	ADV
economy-6779	60	2	,	,	PUNCT
economy-6779	60	3	laopodis	laopodis	PROPN
economy-6779	60	4	(	(	PUNCT
economy-6779	60	5	2013	2013	NUM
economy-6779	60	6	)	)	PUNCT
economy-6779	60	7	established	establish	VERB
economy-6779	60	8	that	that	SCONJ
economy-6779	60	9	monetary	monetary	ADJ
economy-6779	60	10	policy	policy	NOUN
economy-6779	60	11	affects	affect	VERB
economy-6779	60	12	the	the	DET
economy-6779	60	13	real	real	ADJ
economy-6779	60	14	economy	economy	NOUN
economy-6779	60	15	through	through	ADP
economy-6779	60	16	financial	financial	ADJ
economy-6779	60	17	markets	market	NOUN
economy-6779	60	18	implying	imply	VERB
economy-6779	60	19	that	that	SCONJ
economy-6779	60	20	these	these	DET
economy-6779	60	21	markets	market	NOUN
economy-6779	60	22	are	be	AUX
economy-6779	60	23	essential	essential	ADJ
economy-6779	60	24	component	component	NOUN
economy-6779	60	25	in	in	ADP
economy-6779	60	26	transmitting	transmit	VERB
economy-6779	60	27	effects	effect	NOUN
economy-6779	60	28	of	of	ADP
economy-6779	60	29	monetary	monetary	ADJ
economy-6779	60	30	policy	policy	NOUN
economy-6779	60	31	actions	action	NOUN
economy-6779	60	32	on	on	ADP
economy-6779	60	33	the	the	DET
economy-6779	60	34	real	real	ADJ
economy-6779	60	35	economy	economy	NOUN
economy-6779	60	36	.	.	PUNCT
economy-6779	61	1	several	several	ADJ
economy-6779	61	2	studies	study	NOUN
economy-6779	61	3	on	on	ADP
economy-6779	61	4	the	the	DET
economy-6779	61	5	monetary	monetary	ADJ
economy-6779	61	6	policy	policy	NOUN
economy-6779	61	7	and	and	CCONJ
economy-6779	61	8	the	the	DET
economy-6779	61	9	financial	financial	ADJ
economy-6779	61	10	market	market	NOUN
economy-6779	61	11	can	can	AUX
economy-6779	61	12	also	also	ADV
economy-6779	61	13	be	be	AUX
economy-6779	61	14	explained	explain	VERB
economy-6779	61	15	with	with	ADP
economy-6779	61	16	reasonable	reasonable	ADJ
economy-6779	61	17	body	body	NOUN
economy-6779	61	18	of	of	ADP
economy-6779	61	19	literature	literature	NOUN
economy-6779	61	20	such	such	ADJ
economy-6779	61	21	as	as	ADP
economy-6779	61	22	ajie	ajie	NOUN
economy-6779	61	23	and	and	CCONJ
economy-6779	61	24	nenbee	nenbee	PROPN
economy-6779	61	25	(	(	PUNCT
economy-6779	61	26	2010	2010	NUM
economy-6779	61	27	)	)	PUNCT
economy-6779	61	28	using	use	VERB
economy-6779	61	29	co	co	NOUN
economy-6779	61	30	-	-	NOUN
economy-6779	61	31	integration	integration	NOUN
economy-6779	61	32	and	and	CCONJ
economy-6779	61	33	error	error	NOUN
economy-6779	61	34	correction	correction	NOUN
economy-6779	61	35	modeling	modeling	NOUN
economy-6779	61	36	found	find	VERB
economy-6779	61	37	that	that	SCONJ
economy-6779	61	38	money	money	NOUN
economy-6779	61	39	supply	supply	NOUN
economy-6779	61	40	and	and	CCONJ
economy-6779	61	41	interest	interest	NOUN
economy-6779	61	42	rate	rate	NOUN
economy-6779	61	43	(	(	PUNCT
economy-6779	61	44	the	the	DET
economy-6779	61	45	proxy	proxy	NOUN
economy-6779	61	46	for	for	ADP
economy-6779	61	47	monetary	monetary	ADJ
economy-6779	61	48	policy	policy	NOUN
economy-6779	61	49	)	)	PUNCT
economy-6779	61	50	had	have	VERB
economy-6779	61	51	short	short	ADJ
economy-6779	61	52	-	-	PUNCT
economy-6779	61	53	run	run	VERB
economy-6779	61	54	significant	significant	ADJ
economy-6779	61	55	effects	effect	NOUN
economy-6779	61	56	on	on	ADP
economy-6779	61	57	stock	stock	NOUN
economy-6779	61	58	prices	price	NOUN
economy-6779	61	59	in	in	ADP
economy-6779	61	60	nigeria	nigeria	PROPN
economy-6779	61	61	,	,	PUNCT
economy-6779	61	62	in	in	ADP
economy-6779	61	63	the	the	DET
economy-6779	61	64	same	same	ADJ
economy-6779	61	65	year	year	NOUN
economy-6779	61	66	(	(	PUNCT
economy-6779	61	67	okpara	okpara	NOUN
economy-6779	61	68	,	,	PUNCT
economy-6779	61	69	2010	2010	NUM
economy-6779	61	70	)	)	PUNCT
economy-6779	61	71	carried	carry	VERB
economy-6779	61	72	out	out	ADP
economy-6779	61	73	same	same	ADJ
economy-6779	61	74	study	study	NOUN
economy-6779	61	75	and	and	CCONJ
economy-6779	61	76	found	find	VERB
economy-6779	61	77	that	that	SCONJ
economy-6779	61	78	monetary	monetary	ADJ
economy-6779	61	79	policy	policy	NOUN
economy-6779	61	80	is	be	AUX
economy-6779	61	81	significant	significant	ADJ
economy-6779	61	82	in	in	ADP
economy-6779	61	83	determining	determine	VERB
economy-6779	61	84	stock	stock	NOUN
economy-6779	61	85	market	market	NOUN
economy-6779	61	86	returns	return	NOUN
economy-6779	61	87	only	only	ADV
economy-6779	61	88	in	in	ADP
economy-6779	61	89	the	the	DET
economy-6779	61	90	long	long	ADJ
economy-6779	61	91	run	run	NOUN
economy-6779	61	92	using	use	VERB
economy-6779	61	93	two	two	NUM
economy-6779	61	94	stage	stage	NOUN
economy-6779	61	95	least	least	ADV
economy-6779	61	96	squared	square	VERB
economy-6779	61	97	method	method	NOUN
economy-6779	61	98	.	.	PUNCT
economy-6779	62	1	this	this	DET
economy-6779	62	2	study	study	NOUN
economy-6779	62	3	is	be	AUX
economy-6779	62	4	in	in	ADP
economy-6779	62	5	line	line	NOUN
economy-6779	62	6	with	with	ADP
economy-6779	62	7	the	the	DET
economy-6779	62	8	work	work	NOUN
economy-6779	62	9	undertaken	undertake	VERB
economy-6779	62	10	by	by	ADP
economy-6779	62	11	adeniji	adeniji	PROPN
economy-6779	62	12	,	,	PUNCT
economy-6779	62	13	ben	ben	PROPN
economy-6779	62	14	,	,	PUNCT
economy-6779	62	15	and	and	CCONJ
economy-6779	62	16	e.	e.	PROPN
economy-6779	62	17	(	(	PUNCT
economy-6779	62	18	2018	2018	NUM
economy-6779	62	19	)	)	PUNCT
economy-6779	62	20	who	who	PRON
economy-6779	62	21	applied	apply	VERB
economy-6779	62	22	bi	bi	ADJ
economy-6779	62	23	-	-	ADJ
economy-6779	62	24	variate	variate	ADJ
economy-6779	62	25	and	and	CCONJ
economy-6779	62	26	multivariate	multivariate	NOUN
economy-6779	62	27	var	var	NOUN
economy-6779	62	28	and	and	CCONJ
economy-6779	62	29	partly	partly	ADV
economy-6779	62	30	in	in	ADP
economy-6779	62	31	line	line	NOUN
economy-6779	62	32	with	with	ADP
economy-6779	62	33	the	the	DET
economy-6779	62	34	study	study	NOUN
economy-6779	62	35	undertaken	undertake	VERB
economy-6779	62	36	by	by	ADP
economy-6779	62	37	osakwe	osakwe	NOUN
economy-6779	62	38	and	and	CCONJ
economy-6779	62	39	chukwunulu	chukwunulu	VERB
economy-6779	62	40	(	(	PUNCT
economy-6779	62	41	2019	2019	NUM
economy-6779	62	42	)	)	PUNCT
economy-6779	62	43	who	who	PRON
economy-6779	62	44	employed	employ	VERB
economy-6779	62	45	the	the	DET
economy-6779	62	46	ordinary	ordinary	ADJ
economy-6779	62	47	least	least	ADJ
economy-6779	62	48	square	square	ADJ
economy-6779	62	49	regression	regression	NOUN
economy-6779	62	50	techniques	technique	NOUN
economy-6779	62	51	.	.	PUNCT
economy-6779	63	1	different	different	ADJ
economy-6779	63	2	from	from	ADP
economy-6779	63	3	this	this	DET
economy-6779	63	4	results	result	NOUN
economy-6779	63	5	is	be	AUX
economy-6779	63	6	the	the	DET
economy-6779	63	7	work	work	NOUN
economy-6779	63	8	of	of	ADP
economy-6779	63	9	abaenewe	abaenewe	NOUN
economy-6779	63	10	and	and	CCONJ
economy-6779	63	11	ndugbu	ndugbu	X
economy-6779	63	12	(	(	PUNCT
economy-6779	63	13	2012	2012	NUM
economy-6779	63	14	)	)	PUNCT
economy-6779	63	15	this	this	DET
economy-6779	63	16	research	research	NOUN
economy-6779	63	17	proved	prove	VERB
economy-6779	63	18	monetary	monetary	ADJ
economy-6779	63	19	policy	policy	NOUN
economy-6779	63	20	does	do	AUX
economy-6779	63	21	not	not	PART
economy-6779	63	22	explain	explain	VERB
economy-6779	63	23	changes	change	NOUN
economy-6779	63	24	in	in	ADP
economy-6779	63	25	equity	equity	NOUN
economy-6779	63	26	prices	price	NOUN
economy-6779	63	27	in	in	ADP
economy-6779	63	28	nigeria	nigeria	PROPN
economy-6779	63	29	.	.	PUNCT
economy-6779	64	1	although	although	SCONJ
economy-6779	64	2	the	the	DET
economy-6779	64	3	literature	literature	NOUN
economy-6779	64	4	suggests	suggest	VERB
economy-6779	64	5	an	an	DET
economy-6779	64	6	interaction	interaction	NOUN
economy-6779	64	7	between	between	ADP
economy-6779	64	8	monetary	monetary	ADJ
economy-6779	64	9	policy	policy	NOUN
economy-6779	64	10	and	and	CCONJ
economy-6779	64	11	the	the	DET
economy-6779	64	12	stock	stock	NOUN
economy-6779	64	13	market	market	NOUN
economy-6779	64	14	,	,	PUNCT
economy-6779	64	15	a	a	DET
economy-6779	64	16	major	major	ADJ
economy-6779	64	17	gap	gap	NOUN
economy-6779	64	18	exists	exist	VERB
economy-6779	64	19	,	,	PUNCT
economy-6779	64	20	however	however	ADV
economy-6779	64	21	,	,	PUNCT
economy-6779	64	22	as	as	SCONJ
economy-6779	64	23	pitelis	pitelis	NOUN
economy-6779	64	24	(	(	PUNCT
economy-6779	64	25	2013	2013	NUM
economy-6779	64	26	)	)	PUNCT
economy-6779	64	27	has	have	AUX
economy-6779	64	28	noted	note	VERB
economy-6779	64	29	economy	economy	NOUN
economy-6779	64	30	,	,	PUNCT
economy-6779	64	31	2025	2025	NUM
economy-6779	64	32	,	,	PUNCT
economy-6779	64	33	12(2	12(2	NUM
economy-6779	64	34	):	):	PUNCT
economy-6779	64	35	40	40	NUM
economy-6779	64	36	-	-	SYM
economy-6779	64	37	50	50	NUM
economy-6779	64	38	42	42	NUM
economy-6779	64	39	©	©	ADP
economy-6779	64	40	2025	2025	NUM
economy-6779	64	41	by	by	ADP
economy-6779	64	42	the	the	DET
economy-6779	64	43	authors	author	NOUN
economy-6779	64	44	;	;	PUNCT
economy-6779	64	45	licensee	licensee	PROPN
economy-6779	64	46	asian	asian	ADJ
economy-6779	64	47	online	online	PROPN
economy-6779	64	48	journal	journal	PROPN
economy-6779	64	49	publishing	publishing	NOUN
economy-6779	64	50	group	group	NOUN
economy-6779	64	51	and	and	CCONJ
economy-6779	64	52	as	as	ADP
economy-6779	64	53	laopodis	laopodis	PROPN
economy-6779	64	54	(	(	PUNCT
economy-6779	64	55	2013	2013	NUM
economy-6779	64	56	)	)	PUNCT
economy-6779	64	57	has	have	AUX
economy-6779	64	58	observed	observe	VERB
economy-6779	64	59	and	and	CCONJ
economy-6779	64	60	included	include	VERB
economy-6779	64	61	in	in	ADP
economy-6779	64	62	our	our	PRON
economy-6779	64	63	previous	previous	ADJ
economy-6779	64	64	discussion	discussion	NOUN
economy-6779	64	65	,	,	PUNCT
economy-6779	64	66	there	there	PRON
economy-6779	64	67	is	be	VERB
economy-6779	64	68	no	no	DET
economy-6779	64	69	unique	unique	ADJ
economy-6779	64	70	model	model	NOUN
economy-6779	64	71	that	that	PRON
economy-6779	64	72	organizes	organize	VERB
economy-6779	64	73	the	the	DET
economy-6779	64	74	empirical	empirical	ADJ
economy-6779	64	75	findings	finding	NOUN
economy-6779	64	76	of	of	ADP
economy-6779	64	77	this	this	DET
economy-6779	64	78	relationship	relationship	NOUN
economy-6779	64	79	across	across	ADP
economy-6779	64	80	several	several	ADJ
economy-6779	64	81	economies	economy	NOUN
economy-6779	64	82	or	or	CCONJ
economy-6779	64	83	different	different	ADJ
economy-6779	64	84	types	type	NOUN
economy-6779	64	85	of	of	ADP
economy-6779	64	86	monetary	monetary	ADJ
economy-6779	64	87	systems	system	NOUN
economy-6779	64	88	.	.	PUNCT
economy-6779	65	1	of	of	ADP
economy-6779	65	2	interest	interest	NOUN
economy-6779	65	3	therefore	therefore	ADV
economy-6779	65	4	is	be	AUX
economy-6779	65	5	to	to	PART
economy-6779	65	6	ask	ask	VERB
economy-6779	65	7	whether	whether	SCONJ
economy-6779	65	8	or	or	CCONJ
economy-6779	65	9	not	not	PART
economy-6779	65	10	bull	bull	VERB
economy-6779	65	11	and	and	CCONJ
economy-6779	65	12	bear	bear	VERB
economy-6779	65	13	market	market	NOUN
economy-6779	65	14	response	response	NOUN
economy-6779	65	15	asymmetry	asymmetry	NOUN
economy-6779	65	16	to	to	ADP
economy-6779	65	17	monetary	monetary	ADJ
economy-6779	65	18	policy	policy	NOUN
economy-6779	65	19	reforms	reform	NOUN
economy-6779	65	20	exist	exist	VERB
economy-6779	65	21	?	?	PUNCT
economy-6779	66	1	this	this	PRON
economy-6779	66	2	may	may	AUX
economy-6779	66	3	be	be	AUX
economy-6779	66	4	the	the	DET
economy-6779	66	5	missing	miss	VERB
economy-6779	66	6	link	link	NOUN
economy-6779	66	7	on	on	ADP
economy-6779	66	8	the	the	DET
economy-6779	66	9	variant	variant	NOUN
economy-6779	66	10	of	of	ADP
economy-6779	66	11	the	the	DET
economy-6779	66	12	monetary	monetary	ADJ
economy-6779	66	13	policy	policy	NOUN
economy-6779	66	14	inability	inability	NOUN
economy-6779	66	15	to	to	PART
economy-6779	66	16	exact	exact	VERB
economy-6779	66	17	its	its	PRON
economy-6779	66	18	main	main	ADJ
economy-6779	66	19	targets	target	NOUN
economy-6779	66	20	.	.	PUNCT
economy-6779	67	1	after	after	ADP
economy-6779	67	2	the	the	DET
economy-6779	67	3	introductory	introductory	ADJ
economy-6779	67	4	section	section	NOUN
economy-6779	67	5	,	,	PUNCT
economy-6779	67	6	this	this	DET
economy-6779	67	7	study	study	NOUN
economy-6779	67	8	is	be	AUX
economy-6779	67	9	organized	organize	VERB
economy-6779	67	10	into	into	ADP
economy-6779	67	11	four	four	NUM
economy-6779	67	12	additional	additional	ADJ
economy-6779	67	13	sections	section	NOUN
economy-6779	67	14	.	.	PUNCT
economy-6779	68	1	section	section	NOUN
economy-6779	68	2	2.0	2.0	NUM
economy-6779	68	3	reviews	review	VERB
economy-6779	68	4	the	the	DET
economy-6779	68	5	existing	exist	VERB
economy-6779	68	6	conceptual	conceptual	ADJ
economy-6779	68	7	,	,	PUNCT
economy-6779	68	8	theoretical	theoretical	ADJ
economy-6779	68	9	,	,	PUNCT
economy-6779	68	10	and	and	CCONJ
economy-6779	68	11	empirical	empirical	ADJ
economy-6779	68	12	literature	literature	NOUN
economy-6779	68	13	,	,	PUNCT
economy-6779	68	14	while	while	SCONJ
economy-6779	68	15	section	section	NOUN
economy-6779	68	16	3.0	3.0	NUM
economy-6779	68	17	outlines	outline	VERB
economy-6779	68	18	the	the	DET
economy-6779	68	19	methodological	methodological	ADJ
economy-6779	68	20	framework	framework	NOUN
economy-6779	68	21	for	for	ADP
economy-6779	68	22	the	the	DET
economy-6779	68	23	empirical	empirical	ADJ
economy-6779	68	24	investigation	investigation	NOUN
economy-6779	68	25	.	.	PUNCT
economy-6779	69	1	in	in	ADP
economy-6779	69	2	section	section	NOUN
economy-6779	69	3	4.0	4.0	NUM
economy-6779	69	4	,	,	PUNCT
economy-6779	69	5	the	the	DET
economy-6779	69	6	empirical	empirical	ADJ
economy-6779	69	7	model	model	NOUN
economy-6779	69	8	is	be	AUX
economy-6779	69	9	estimated	estimate	VERB
economy-6779	69	10	,	,	PUNCT
economy-6779	69	11	and	and	CCONJ
economy-6779	69	12	the	the	DET
economy-6779	69	13	findings	finding	NOUN
economy-6779	69	14	are	be	AUX
economy-6779	69	15	discussed	discuss	VERB
economy-6779	69	16	.	.	PUNCT
economy-6779	70	1	finally	finally	ADV
economy-6779	70	2	,	,	PUNCT
economy-6779	70	3	section	section	NOUN
economy-6779	70	4	5.0	5.0	NUM
economy-6779	70	5	presents	present	VERB
economy-6779	70	6	the	the	DET
economy-6779	70	7	conclusions	conclusion	NOUN
economy-6779	70	8	and	and	CCONJ
economy-6779	70	9	offers	offer	VERB
economy-6779	70	10	policy	policy	NOUN
economy-6779	70	11	recommendations	recommendation	NOUN
economy-6779	70	12	.	.	PUNCT
economy-6779	71	1	2	2	X
economy-6779	71	2	.	.	X
economy-6779	71	3	literature	literature	NOUN
economy-6779	71	4	review	review	VERB
economy-6779	71	5	monetary	monetary	ADJ
economy-6779	71	6	policy	policy	NOUN
economy-6779	71	7	is	be	AUX
economy-6779	71	8	deliberate	deliberate	ADJ
economy-6779	71	9	manipulation	manipulation	NOUN
economy-6779	71	10	of	of	ADP
economy-6779	71	11	quantity	quantity	NOUN
economy-6779	71	12	,	,	PUNCT
economy-6779	71	13	price	price	NOUN
economy-6779	71	14	and	and	CCONJ
economy-6779	71	15	availability	availability	NOUN
economy-6779	71	16	of	of	ADP
economy-6779	71	17	money	money	NOUN
economy-6779	71	18	and	and	CCONJ
economy-6779	71	19	credit	credit	NOUN
economy-6779	71	20	by	by	ADP
economy-6779	71	21	the	the	DET
economy-6779	71	22	monetary	monetary	ADJ
economy-6779	71	23	authorities	authority	NOUN
economy-6779	71	24	to	to	PART
economy-6779	71	25	attain	attain	VERB
economy-6779	71	26	certain	certain	ADJ
economy-6779	71	27	macroeconomic	macroeconomic	ADJ
economy-6779	71	28	objectives	objective	NOUN
economy-6779	71	29	relating	relate	VERB
economy-6779	71	30	to	to	ADP
economy-6779	71	31	internal	internal	ADJ
economy-6779	71	32	and	and	CCONJ
economy-6779	71	33	external	external	ADJ
economy-6779	71	34	balance	balance	NOUN
economy-6779	71	35	.	.	PUNCT
economy-6779	72	1	this	this	PRON
economy-6779	72	2	is	be	AUX
economy-6779	72	3	achieved	achieve	VERB
economy-6779	72	4	through	through	ADP
economy-6779	72	5	controlling	control	VERB
economy-6779	72	6	money	money	NOUN
economy-6779	72	7	supply	supply	NOUN
economy-6779	72	8	and	and	CCONJ
economy-6779	72	9	or	or	CCONJ
economy-6779	72	10	interest	interest	NOUN
economy-6779	72	11	rates	rate	NOUN
economy-6779	72	12	so	so	SCONJ
economy-6779	72	13	as	as	SCONJ
economy-6779	72	14	to	to	PART
economy-6779	72	15	control	control	VERB
economy-6779	72	16	the	the	DET
economy-6779	72	17	general	general	ADJ
economy-6779	72	18	money	money	NOUN
economy-6779	72	19	supply	supply	NOUN
economy-6779	72	20	in	in	ADP
economy-6779	72	21	the	the	DET
economy-6779	72	22	economy	economy	NOUN
economy-6779	72	23	.	.	PUNCT
economy-6779	73	1	okigbo	okigbo	PROPN
economy-6779	73	2	(	(	PUNCT
economy-6779	73	3	2008	2008	NUM
economy-6779	73	4	)	)	PUNCT
economy-6779	73	5	stated	state	VERB
economy-6779	73	6	that	that	SCONJ
economy-6779	73	7	monetary	monetary	ADJ
economy-6779	73	8	policy	policy	NOUN
economy-6779	73	9	literally	literally	ADV
economy-6779	73	10	made	make	VERB
economy-6779	73	11	reference	reference	NOUN
economy-6779	73	12	to	to	ADP
economy-6779	73	13	all	all	DET
economy-6779	73	14	the	the	DET
economy-6779	73	15	steps	step	NOUN
economy-6779	73	16	which	which	PRON
economy-6779	73	17	were	be	AUX
economy-6779	73	18	taken	take	VERB
economy-6779	73	19	to	to	PART
economy-6779	73	20	regulate	regulate	VERB
economy-6779	73	21	the	the	DET
economy-6779	73	22	supply	supply	NOUN
economy-6779	73	23	of	of	ADP
economy-6779	73	24	money	money	NOUN
economy-6779	73	25	and	and	CCONJ
economy-6779	73	26	credit	credit	NOUN
economy-6779	73	27	in	in	ADP
economy-6779	73	28	an	an	DET
economy-6779	73	29	economy	economy	NOUN
economy-6779	73	30	.	.	PUNCT
economy-6779	74	1	on	on	ADP
economy-6779	74	2	the	the	DET
economy-6779	74	3	other	other	ADJ
economy-6779	74	4	hand	hand	NOUN
economy-6779	74	5	,	,	PUNCT
economy-6779	74	6	the	the	DET
economy-6779	74	7	financial	financial	ADJ
economy-6779	74	8	market	market	NOUN
economy-6779	74	9	is	be	AUX
economy-6779	74	10	a	a	DET
economy-6779	74	11	small	small	ADJ
economy-6779	74	12	platform	platform	NOUN
economy-6779	74	13	that	that	PRON
economy-6779	74	14	brings	bring	VERB
economy-6779	74	15	together	together	ADV
economy-6779	74	16	surplus	surplus	NOUN
economy-6779	74	17	units	unit	NOUN
economy-6779	74	18	and	and	CCONJ
economy-6779	74	19	deficit	deficit	NOUN
economy-6779	74	20	units	unit	NOUN
economy-6779	74	21	for	for	ADP
economy-6779	74	22	various	various	ADJ
economy-6779	74	23	income	income	NOUN
economy-6779	74	24	generating	generating	NOUN
economy-6779	74	25	activities	activity	NOUN
economy-6779	74	26	.	.	PUNCT
economy-6779	75	1	this	this	PRON
economy-6779	75	2	includes	include	VERB
economy-6779	75	3	financial	financial	ADJ
economy-6779	75	4	institutions	institution	NOUN
economy-6779	75	5	of	of	ADP
economy-6779	75	6	savers	saver	NOUN
economy-6779	75	7	who	who	PRON
economy-6779	75	8	mobilize	mobilize	VERB
economy-6779	75	9	funds	fund	NOUN
economy-6779	75	10	in	in	ADP
economy-6779	75	11	the	the	DET
economy-6779	75	12	form	form	NOUN
economy-6779	75	13	of	of	ADP
economy-6779	75	14	savings	saving	NOUN
economy-6779	75	15	and	and	CCONJ
economy-6779	75	16	lenders	lender	NOUN
economy-6779	75	17	who	who	PRON
economy-6779	75	18	need	need	VERB
economy-6779	75	19	these	these	DET
economy-6779	75	20	funds	fund	NOUN
economy-6779	75	21	.	.	PUNCT
economy-6779	76	1	while	while	SCONJ
economy-6779	76	2	financial	financial	ADJ
economy-6779	76	3	intermediation	intermediation	NOUN
economy-6779	76	4	is	be	AUX
economy-6779	76	5	the	the	DET
economy-6779	76	6	payments	payment	NOUN
economy-6779	76	7	made	make	VERB
economy-6779	76	8	from	from	ADP
economy-6779	76	9	one	one	NUM
economy-6779	76	10	center	center	NOUN
economy-6779	76	11	having	have	VERB
economy-6779	76	12	excess	excess	ADJ
economy-6779	76	13	funds	fund	NOUN
economy-6779	76	14	to	to	ADP
economy-6779	76	15	another	another	DET
economy-6779	76	16	center	center	NOUN
economy-6779	76	17	in	in	ADP
economy-6779	76	18	need	need	NOUN
economy-6779	76	19	.	.	PUNCT
economy-6779	77	1	this	this	DET
economy-6779	77	2	role	role	NOUN
economy-6779	77	3	of	of	ADP
economy-6779	77	4	transferring	transfer	VERB
economy-6779	77	5	financial	financial	ADJ
economy-6779	77	6	resources	resource	NOUN
economy-6779	77	7	from	from	ADP
economy-6779	77	8	the	the	DET
economy-6779	77	9	surplus	surplus	ADJ
economy-6779	77	10	units	unit	NOUN
economy-6779	77	11	to	to	ADP
economy-6779	77	12	the	the	DET
economy-6779	77	13	deficit	deficit	NOUN
economy-6779	77	14	units	unit	NOUN
economy-6779	77	15	is	be	AUX
economy-6779	77	16	what	what	PRON
economy-6779	77	17	is	be	AUX
economy-6779	77	18	referred	refer	VERB
economy-6779	77	19	to	to	ADP
economy-6779	77	20	as	as	ADP
economy-6779	77	21	financial	financial	ADJ
economy-6779	77	22	intermediation	intermediation	NOUN
economy-6779	77	23	.	.	PUNCT
economy-6779	78	1	reszat	reszat	PROPN
economy-6779	78	2	(	(	PUNCT
economy-6779	78	3	2008	2008	NUM
economy-6779	78	4	)	)	PUNCT
economy-6779	78	5	classified	classify	VERB
economy-6779	78	6	financial	financial	ADJ
economy-6779	78	7	markets	market	NOUN
economy-6779	78	8	into	into	ADP
economy-6779	78	9	internal	internal	ADJ
economy-6779	78	10	financial	financial	ADJ
economy-6779	78	11	markets	market	NOUN
economy-6779	78	12	and	and	CCONJ
economy-6779	78	13	external	external	ADJ
economy-6779	78	14	financial	financial	ADJ
economy-6779	78	15	markets	market	NOUN
economy-6779	78	16	.	.	PUNCT
economy-6779	79	1	in	in	ADP
economy-6779	79	2	nigeria	nigeria	PROPN
economy-6779	79	3	like	like	ADP
economy-6779	79	4	every	every	DET
economy-6779	79	5	other	other	ADJ
economy-6779	79	6	countries	country	NOUN
economy-6779	79	7	,	,	PUNCT
economy-6779	79	8	the	the	DET
economy-6779	79	9	central	central	ADJ
economy-6779	79	10	bank	bank	PROPN
economy-6779	79	11	of	of	ADP
economy-6779	79	12	nigeria	nigeria	PROPN
economy-6779	79	13	has	have	VERB
economy-6779	79	14	other	other	ADJ
economy-6779	79	15	mandates	mandate	NOUN
economy-6779	79	16	that	that	PRON
economy-6779	79	17	include	include	VERB
economy-6779	79	18	;	;	PUNCT
economy-6779	79	19	to	to	PART
economy-6779	79	20	attain	attain	VERB
economy-6779	79	21	full	full	ADJ
economy-6779	79	22	employment	employment	NOUN
economy-6779	79	23	,	,	PUNCT
economy-6779	79	24	to	to	PART
economy-6779	79	25	have	have	VERB
economy-6779	79	26	maximum	maximum	ADJ
economy-6779	79	27	sustainable	sustainable	ADJ
economy-6779	79	28	growth	growth	NOUN
economy-6779	79	29	,	,	PUNCT
economy-6779	79	30	and	and	CCONJ
economy-6779	79	31	stable	stable	ADJ
economy-6779	79	32	interest	interest	NOUN
economy-6779	79	33	and	and	CCONJ
economy-6779	79	34	exchange	exchange	NOUN
economy-6779	79	35	rates	rate	NOUN
economy-6779	79	36	.	.	PUNCT
economy-6779	80	1	to	to	PART
economy-6779	80	2	achieve	achieve	VERB
economy-6779	80	3	these	these	DET
economy-6779	80	4	objectives	objective	NOUN
economy-6779	80	5	they	they	PRON
economy-6779	80	6	regulate	regulate	VERB
economy-6779	80	7	and	and	CCONJ
economy-6779	80	8	interfere	interfere	VERB
economy-6779	80	9	with	with	ADP
economy-6779	80	10	the	the	DET
economy-6779	80	11	financial	financial	ADJ
economy-6779	80	12	markets	market	NOUN
economy-6779	80	13	(	(	PUNCT
economy-6779	80	14	central	central	ADJ
economy-6779	80	15	bank	bank	NOUN
economy-6779	80	16	of	of	ADP
economy-6779	80	17	nigeria	nigeria	PROPN
economy-6779	80	18	,	,	PUNCT
economy-6779	80	19	2018	2018	NUM
economy-6779	80	20	)	)	PUNCT
economy-6779	80	21	.	.	PUNCT
economy-6779	81	1	monetary	monetary	ADJ
economy-6779	81	2	policy	policy	NOUN
economy-6779	81	3	influences	influence	VERB
economy-6779	81	4	the	the	DET
economy-6779	81	5	real	real	ADJ
economy-6779	81	6	economy	economy	NOUN
economy-6779	81	7	mainly	mainly	ADV
economy-6779	81	8	through	through	ADP
economy-6779	81	9	the	the	DET
economy-6779	81	10	financial	financial	ADJ
economy-6779	81	11	market	market	NOUN
economy-6779	81	12	,	,	PUNCT
economy-6779	81	13	this	this	PRON
economy-6779	81	14	appears	appear	VERB
economy-6779	81	15	to	to	PART
economy-6779	81	16	be	be	AUX
economy-6779	81	17	which	which	PRON
economy-6779	81	18	the	the	DET
economy-6779	81	19	missing	miss	VERB
economy-6779	81	20	connecting	connect	VERB
economy-6779	81	21	link	link	NOUN
economy-6779	81	22	through	through	ADP
economy-6779	81	23	which	which	PRON
economy-6779	81	24	the	the	DET
economy-6779	81	25	monetary	monetary	ADJ
economy-6779	81	26	policy	policy	NOUN
economy-6779	81	27	and	and	CCONJ
economy-6779	81	28	the	the	DET
economy-6779	81	29	real	real	ADJ
economy-6779	81	30	economic	economic	ADJ
economy-6779	81	31	segment	segment	NOUN
economy-6779	81	32	of	of	ADP
economy-6779	81	33	the	the	DET
economy-6779	81	34	country	country	NOUN
economy-6779	81	35	.	.	PUNCT
economy-6779	82	1	there	there	PRON
economy-6779	82	2	are	be	VERB
economy-6779	82	3	several	several	ADJ
economy-6779	82	4	different	different	ADJ
economy-6779	82	5	ways	way	NOUN
economy-6779	82	6	through	through	ADP
economy-6779	82	7	which	which	PRON
economy-6779	82	8	monetary	monetary	ADJ
economy-6779	82	9	policy	policy	NOUN
economy-6779	82	10	impacts	impact	VERB
economy-6779	82	11	the	the	DET
economy-6779	82	12	financial	financial	ADJ
economy-6779	82	13	markets	market	NOUN
economy-6779	82	14	.	.	PUNCT
economy-6779	83	1	nevertheless	nevertheless	ADV
economy-6779	83	2	,	,	PUNCT
economy-6779	83	3	all	all	DET
economy-6779	83	4	possible	possible	ADJ
economy-6779	83	5	transmission	transmission	NOUN
economy-6779	83	6	mechanisms	mechanism	NOUN
economy-6779	83	7	starting	start	VERB
economy-6779	83	8	from	from	ADP
economy-6779	83	9	the	the	DET
economy-6779	83	10	monetary	monetary	ADJ
economy-6779	83	11	policy	policy	NOUN
economy-6779	83	12	on	on	ADP
economy-6779	83	13	the	the	DET
economy-6779	83	14	financial	financial	ADJ
economy-6779	83	15	markets	market	NOUN
economy-6779	83	16	going	go	VERB
economy-6779	83	17	down	down	ADP
economy-6779	83	18	to	to	ADP
economy-6779	83	19	the	the	DET
economy-6779	83	20	real	real	ADJ
economy-6779	83	21	sector	sector	NOUN
economy-6779	83	22	of	of	ADP
economy-6779	83	23	the	the	DET
economy-6779	83	24	economy	economy	NOUN
economy-6779	83	25	stem	stem	VERB
economy-6779	83	26	from	from	ADP
economy-6779	83	27	the	the	DET
economy-6779	83	28	monetary	monetary	ADJ
economy-6779	83	29	policy	policy	NOUN
economy-6779	83	30	instrument	instrument	NOUN
economy-6779	83	31	.	.	PUNCT
economy-6779	84	1	more	more	ADV
economy-6779	84	2	specifically	specifically	ADV
economy-6779	84	3	,	,	PUNCT
economy-6779	84	4	the	the	DET
economy-6779	84	5	paper	paper	NOUN
economy-6779	84	6	shows	show	VERB
economy-6779	84	7	that	that	SCONJ
economy-6779	84	8	in	in	ADP
economy-6779	84	9	the	the	DET
economy-6779	84	10	case	case	NOUN
economy-6779	84	11	of	of	ADP
economy-6779	84	12	emerging	emerge	VERB
economy-6779	84	13	markets	market	NOUN
economy-6779	84	14	(	(	PUNCT
economy-6779	84	15	ems	ems	PROPN
economy-6779	84	16	)	)	PUNCT
economy-6779	84	17	the	the	DET
economy-6779	84	18	conditions	condition	NOUN
economy-6779	84	19	influencing	influence	VERB
economy-6779	84	20	financial	financial	ADJ
economy-6779	84	21	development	development	NOUN
economy-6779	84	22	have	have	AUX
economy-6779	84	23	mainly	mainly	ADV
economy-6779	84	24	depended	depend	VERB
economy-6779	84	25	on	on	ADP
economy-6779	84	26	long	long	ADJ
economy-6779	84	27	-	-	PUNCT
economy-6779	84	28	term	term	NOUN
economy-6779	84	29	international	international	ADJ
economy-6779	84	30	interest	interest	NOUN
economy-6779	84	31	rates	rate	NOUN
economy-6779	84	32	which	which	PRON
economy-6779	84	33	in	in	ADP
economy-6779	84	34	turn	turn	NOUN
economy-6779	84	35	are	be	AUX
economy-6779	84	36	connected	connect	VERB
economy-6779	84	37	with	with	ADP
economy-6779	84	38	the	the	DET
economy-6779	84	39	monetary	monetary	ADJ
economy-6779	84	40	policies	policy	NOUN
economy-6779	84	41	of	of	ADP
economy-6779	84	42	developed	develop	VERB
economy-6779	84	43	countries	country	NOUN
economy-6779	84	44	(	(	PUNCT
economy-6779	84	45	sobrun	sobrun	PROPN
economy-6779	84	46	&	&	CCONJ
economy-6779	84	47	turner	turner	PROPN
economy-6779	84	48	,	,	PUNCT
economy-6779	84	49	2015	2015	NUM
economy-6779	84	50	)	)	PUNCT
economy-6779	84	51	.	.	PUNCT
economy-6779	85	1	typically	typically	ADV
economy-6779	85	2	,	,	PUNCT
economy-6779	85	3	the	the	DET
economy-6779	85	4	monetary	monetary	ADJ
economy-6779	85	5	policy	policy	NOUN
economy-6779	85	6	instrument	instrument	VERB
economy-6779	85	7	a	a	DET
economy-6779	85	8	price	price	NOUN
economy-6779	85	9	in	in	ADP
economy-6779	85	10	any	any	DET
economy-6779	85	11	financial	financial	ADJ
economy-6779	85	12	market	market	NOUN
economy-6779	85	13	that	that	PRON
economy-6779	85	14	is	be	AUX
economy-6779	85	15	not	not	PART
economy-6779	85	16	directly	directly	ADV
economy-6779	85	17	set	set	VERB
economy-6779	85	18	directly	directly	ADV
economy-6779	85	19	by	by	ADP
economy-6779	85	20	or	or	CCONJ
economy-6779	85	21	closely	closely	ADV
economy-6779	85	22	monitored	monitor	VERB
economy-6779	85	23	by	by	ADP
economy-6779	85	24	the	the	DET
economy-6779	85	25	monetary	monetary	ADJ
economy-6779	85	26	authority	authority	NOUN
economy-6779	85	27	.	.	PUNCT
economy-6779	86	1	for	for	ADP
economy-6779	86	2	the	the	DET
economy-6779	86	3	majority	majority	NOUN
economy-6779	86	4	of	of	ADP
economy-6779	86	5	central	central	ADJ
economy-6779	86	6	banks	bank	NOUN
economy-6779	86	7	with	with	ADP
economy-6779	86	8	flexible	flexible	ADJ
economy-6779	86	9	foreign	foreign	ADJ
economy-6779	86	10	exchange	exchange	NOUN
economy-6779	86	11	regimes	regime	NOUN
economy-6779	86	12	today	today	NOUN
economy-6779	86	13	,	,	PUNCT
economy-6779	86	14	this	this	DET
economy-6779	86	15	instrument	instrument	NOUN
economy-6779	86	16	is	be	AUX
economy-6779	86	17	a	a	DET
economy-6779	86	18	short	short	ADJ
economy-6779	86	19	term	term	NOUN
economy-6779	86	20	interest	interest	NOUN
economy-6779	86	21	rate	rate	NOUN
economy-6779	86	22	.	.	PUNCT
economy-6779	87	1	in	in	ADP
economy-6779	87	2	fixed	fix	VERB
economy-6779	87	3	a	a	DET
economy-6779	87	4	fixed	fix	VERB
economy-6779	87	5	exchange	exchange	NOUN
economy-6779	87	6	rate	rate	NOUN
economy-6779	87	7	regime	regime	NOUN
economy-6779	87	8	,	,	PUNCT
economy-6779	87	9	a	a	DET
economy-6779	87	10	particular	particular	ADJ
economy-6779	87	11	exchange	exchange	NOUN
economy-6779	87	12	rate	rate	NOUN
economy-6779	87	13	serves	serve	VERB
economy-6779	87	14	as	as	ADP
economy-6779	87	15	the	the	DET
economy-6779	87	16	instrument	instrument	NOUN
economy-6779	87	17	whereas	whereas	SCONJ
economy-6779	87	18	,	,	PUNCT
economy-6779	87	19	in	in	ADP
economy-6779	87	20	monetary	monetary	ADJ
economy-6779	87	21	targeting	targeting	NOUN
economy-6779	87	22	regime	regime	NOUN
economy-6779	87	23	,	,	PUNCT
economy-6779	87	24	the	the	DET
economy-6779	87	25	amount	amount	NOUN
economy-6779	87	26	of	of	ADP
economy-6779	87	27	central	central	ADJ
economy-6779	87	28	bank	bank	NOUN
economy-6779	87	29	money	money	NOUN
economy-6779	87	30	in	in	ADP
economy-6779	87	31	the	the	DET
economy-6779	87	32	banking	banking	NOUN
economy-6779	87	33	system	system	NOUN
economy-6779	87	34	is	be	AUX
economy-6779	87	35	usually	usually	ADV
economy-6779	87	36	as	as	ADP
economy-6779	87	37	the	the	DET
economy-6779	87	38	instrument	instrument	NOUN
economy-6779	87	39	.	.	PUNCT
economy-6779	88	1	this	this	DET
economy-6779	88	2	research	research	NOUN
economy-6779	88	3	is	be	AUX
economy-6779	88	4	based	base	VERB
economy-6779	88	5	on	on	ADP
economy-6779	88	6	the	the	DET
economy-6779	88	7	present	present	ADJ
economy-6779	88	8	value	value	NOUN
economy-6779	88	9	or	or	CCONJ
economy-6779	88	10	discounted	discount	VERB
economy-6779	88	11	cash	cash	NOUN
economy-6779	88	12	flow	flow	NOUN
economy-6779	88	13	theory	theory	NOUN
economy-6779	88	14	which	which	PRON
economy-6779	88	15	gives	give	VERB
economy-6779	88	16	much	much	ADJ
economy-6779	88	17	understanding	understanding	NOUN
economy-6779	88	18	in	in	ADP
economy-6779	88	19	a	a	DET
economy-6779	88	20	situation	situation	NOUN
economy-6779	88	21	where	where	SCONJ
economy-6779	88	22	changes	change	NOUN
economy-6779	88	23	in	in	ADP
economy-6779	88	24	monetary	monetary	ADJ
economy-6779	88	25	policies	policy	NOUN
economy-6779	88	26	affect	affect	VERB
economy-6779	88	27	stock	stock	NOUN
economy-6779	88	28	markets	market	NOUN
economy-6779	88	29	and	and	CCONJ
economy-6779	88	30	their	their	PRON
economy-6779	88	31	prices	price	NOUN
economy-6779	88	32	.	.	PUNCT
economy-6779	89	1	the	the	DET
economy-6779	89	2	above	above	ADJ
economy-6779	89	3	model	model	NOUN
economy-6779	89	4	depicts	depict	VERB
economy-6779	89	5	that	that	DET
economy-6779	89	6	st	st	PROPN
economy-6779	89	7	=	=	SYM
economy-6779	89	8	d	d	PROPN
economy-6779	89	9	(	(	PUNCT
economy-6779	89	10	t+j	t+j	PROPN
economy-6779	89	11	)	)	PUNCT
economy-6779	89	12	/	/	SYM
economy-6779	90	1	r	r	NOUN
economy-6779	90	2	,	,	PUNCT
economy-6779	90	3	t	t	PROPN
economy-6779	90	4	is	be	AUX
economy-6779	90	5	specifically	specifically	ADV
economy-6779	90	6	postulating	postulate	VERB
economy-6779	90	7	the	the	DET
economy-6779	90	8	constant	constant	ADJ
economy-6779	90	9	discount	discount	NOUN
economy-6779	90	10	rate	rate	NOUN
economy-6779	90	11	.	.	PUNCT
economy-6779	91	1	for	for	ADP
economy-6779	91	2	its	its	PRON
economy-6779	91	3	simplified	simplified	ADJ
economy-6779	91	4	form	form	NOUN
economy-6779	91	5	it	it	PRON
economy-6779	91	6	posits	posit	VERB
economy-6779	91	7	that	that	SCONJ
economy-6779	91	8	the	the	DET
economy-6779	91	9	investors	investor	NOUN
economy-6779	91	10	are	be	AUX
economy-6779	91	11	free	free	ADJ
economy-6779	91	12	to	to	PART
economy-6779	91	13	choose	choose	VERB
economy-6779	91	14	between	between	ADP
economy-6779	91	15	two	two	NUM
economy-6779	91	16	deliberate	deliberate	ADJ
economy-6779	91	17	investment	investment	NOUN
economy-6779	91	18	options	option	NOUN
economy-6779	91	19	:	:	PUNCT
economy-6779	91	20	either	either	CCONJ
economy-6779	91	21	a	a	DET
economy-6779	91	22	stock	stock	NOUN
economy-6779	91	23	with	with	ADP
economy-6779	91	24	an	an	DET
economy-6779	91	25	expected	expect	VERB
economy-6779	91	26	gross	gross	ADJ
economy-6779	91	27	return	return	NOUN
economy-6779	91	28	et	et	NOUN
economy-6779	91	29	⌊s(t+1)+d(t+1	⌊s(t+1)+d(t+1	NUM
economy-6779	91	30	)	)	PUNCT
economy-6779	91	31	⌋/st	⌋/st	PRON
economy-6779	91	32	or	or	CCONJ
economy-6779	91	33	invest	invest	VERB
economy-6779	91	34	in	in	ADP
economy-6779	91	35	a	a	DET
economy-6779	91	36	risk	risk	NOUN
economy-6779	91	37	-	-	PUNCT
economy-6779	91	38	less	less	ADJ
economy-6779	91	39	bond	bond	NOUN
economy-6779	91	40	with	with	ADP
economy-6779	91	41	constant	constant	ADJ
economy-6779	91	42	nominal	nominal	ADJ
economy-6779	91	43	gross	gross	ADJ
economy-6779	91	44	rate	rate	NOUN
economy-6779	91	45	of	of	ADP
economy-6779	91	46	return	return	NOUN
economy-6779	91	47	1+r	1+r	NUM
economy-6779	91	48	within	within	ADP
economy-6779	91	49	a	a	DET
economy-6779	91	50	given	give	VERB
economy-6779	91	51	period	period	NOUN
economy-6779	91	52	of	of	ADP
economy-6779	91	53	time	time	NOUN
economy-6779	91	54	(	(	PUNCT
economy-6779	91	55	one	one	NUM
economy-6779	91	56	period	period	NOUN
economy-6779	91	57	)	)	PUNCT
economy-6779	91	58	.	.	PUNCT
economy-6779	92	1	according	accord	VERB
economy-6779	92	2	to	to	ADP
economy-6779	92	3	the	the	DET
economy-6779	92	4	theory	theory	NOUN
economy-6779	92	5	of	of	ADP
economy-6779	92	6	arbitrage	arbitrage	NOUN
economy-6779	92	7	concept	concept	NOUN
economy-6779	92	8	,	,	PUNCT
economy-6779	92	9	if	if	SCONJ
economy-6779	92	10	investors	investor	NOUN
economy-6779	92	11	are	be	AUX
economy-6779	92	12	to	to	PART
economy-6779	92	13	pay	pay	VERB
economy-6779	92	14	lesser	less	ADJ
economy-6779	92	15	attention	attention	NOUN
economy-6779	92	16	to	to	ADP
economy-6779	92	17	the	the	DET
economy-6779	92	18	one	one	NOUN
economy-6779	92	19	to	to	PART
economy-6779	92	20	pick	pick	VERB
economy-6779	92	21	from	from	ADP
economy-6779	92	22	the	the	DET
economy-6779	92	23	two	two	NUM
economy-6779	92	24	choices	choice	NOUN
economy-6779	92	25	possible	possible	ADJ
economy-6779	92	26	,	,	PUNCT
economy-6779	92	27	then	then	ADV
economy-6779	92	28	the	the	DET
economy-6779	92	29	return	return	NOUN
economy-6779	92	30	on	on	ADP
economy-6779	92	31	investing	invest	VERB
economy-6779	92	32	in	in	ADP
economy-6779	92	33	the	the	DET
economy-6779	92	34	stock	stock	NOUN
economy-6779	92	35	or	or	CCONJ
economy-6779	92	36	bond	bond	NOUN
economy-6779	92	37	must	must	AUX
economy-6779	92	38	be	be	AUX
economy-6779	92	39	anticipate	anticipate	VERB
economy-6779	92	40	i.e.	i.e.	X
economy-6779	92	41	,	,	PUNCT
economy-6779	92	42	𝐸𝑡[𝑆𝑡+1	𝐸𝑡[𝑆𝑡+1	NUM
economy-6779	92	43	+	+	NUM
economy-6779	92	44	𝐷𝑡+1]/𝑆𝑡	𝐷𝑡+1]/𝑆𝑡	NOUN
economy-6779	92	45	=	=	SYM
economy-6779	92	46	1	1	NUM
economy-6779	92	47	+	+	CCONJ
economy-6779	92	48	𝑅.	𝑅.	NOUN
economy-6779	92	49	when	when	SCONJ
economy-6779	92	50	taken	take	VERB
economy-6779	92	51	further	far	ADV
economy-6779	92	52	,	,	PUNCT
economy-6779	92	53	this	this	PRON
economy-6779	92	54	gives	give	VERB
economy-6779	92	55	rise	rise	NOUN
economy-6779	92	56	to	to	ADP
economy-6779	92	57	anticipated	anticipate	VERB
economy-6779	92	58	difference	difference	NOUN
economy-6779	92	59	equation	equation	NOUN
economy-6779	92	60	presented	present	VERB
economy-6779	92	61	in	in	ADP
economy-6779	92	62	equation	equation	NOUN
economy-6779	92	63	1	1	NUM
economy-6779	92	64	below	below	ADV
economy-6779	92	65	;	;	PUNCT
economy-6779	93	1	𝑆𝑡	𝑆𝑡	PROPN
economy-6779	93	2	=	=	SYM
economy-6779	93	3	𝐸𝑡	𝐸𝑡	PROPN
economy-6779	94	1	[	[	X
economy-6779	94	2	∑	∑	INTJ
economy-6779	94	3	(	(	PUNCT
economy-6779	94	4	1	1	NUM
economy-6779	94	5	1+𝑅	1+𝑅	NUM
economy-6779	94	6	)	)	PUNCT
economy-6779	95	1	𝑗𝐷𝑡+𝑗	𝑗𝐷𝑡+𝑗	PROPN
economy-6779	96	1	𝑘	𝑘	X
economy-6779	96	2	𝑗=1	𝑗=1	X
economy-6779	96	3	]	]	PUNCT
economy-6779	97	1	+	+	CCONJ
economy-6779	98	1	𝐸𝑡	𝐸𝑡	VERB
economy-6779	98	2	[	[	X
economy-6779	98	3	(	(	PUNCT
economy-6779	98	4	1	1	NUM
economy-6779	98	5	1+𝑅	1+𝑅	NUM
economy-6779	98	6	)	)	PUNCT
economy-6779	98	7	𝑆𝑡+𝑘	𝑆𝑡+𝑘	PROPN
economy-6779	98	8	]	]	X
economy-6779	98	9	(	(	PUNCT
economy-6779	98	10	1	1	X
economy-6779	98	11	)	)	PUNCT
economy-6779	98	12	in	in	ADP
economy-6779	98	13	this	this	DET
economy-6779	98	14	context	context	NOUN
economy-6779	98	15	,	,	PUNCT
economy-6779	98	16	𝐸𝑡represents	𝐸𝑡represents	PROPN
economy-6779	98	17	the	the	DET
economy-6779	98	18	conditional	conditional	ADJ
economy-6779	98	19	expectations	expectation	NOUN
economy-6779	98	20	operator	operator	NOUN
economy-6779	98	21	based	base	VERB
economy-6779	98	22	on	on	ADP
economy-6779	98	23	information	information	NOUN
economy-6779	98	24	available	available	ADJ
economy-6779	98	25	to	to	ADP
economy-6779	98	26	market	market	NOUN
economy-6779	98	27	participants	participant	NOUN
economy-6779	98	28	at	at	ADP
economy-6779	98	29	time	time	NOUN
economy-6779	98	30	t	t	PROPN
economy-6779	98	31	,	,	PUNCT
economy-6779	98	32	r	r	NOUN
economy-6779	98	33	is	be	AUX
economy-6779	98	34	the	the	DET
economy-6779	98	35	return	return	NOUN
economy-6779	98	36	rate	rate	NOUN
economy-6779	98	37	used	use	VERB
economy-6779	98	38	by	by	ADP
economy-6779	98	39	these	these	DET
economy-6779	98	40	participants	participant	NOUN
economy-6779	98	41	to	to	PART
economy-6779	98	42	discount	discount	VERB
economy-6779	98	43	future	future	ADJ
economy-6779	98	44	dividends	dividend	NOUN
economy-6779	98	45	,	,	PUNCT
economy-6779	98	46	and	and	CCONJ
economy-6779	98	47	k	k	PROPN
economy-6779	98	48	refers	refer	VERB
economy-6779	98	49	to	to	ADP
economy-6779	98	50	the	the	DET
economy-6779	98	51	investor	investor	NOUN
economy-6779	98	52	’s	’s	PART
economy-6779	98	53	time	time	NOUN
economy-6779	98	54	horizon	horizon	PROPN
economy-6779	98	55	(	(	PUNCT
economy-6779	98	56	or	or	CCONJ
economy-6779	98	57	stock	stock	NOUN
economy-6779	98	58	holding	hold	VERB
economy-6779	98	59	period	period	NOUN
economy-6779	98	60	)	)	PUNCT
economy-6779	98	61	.	.	PUNCT
economy-6779	99	1	the	the	DET
economy-6779	99	2	standard	standard	ADJ
economy-6779	99	3	transversality	transversality	NOUN
economy-6779	99	4	condition	condition	NOUN
economy-6779	99	5	indicates	indicate	VERB
economy-6779	99	6	that	that	SCONJ
economy-6779	99	7	as	as	SCONJ
economy-6779	99	8	the	the	DET
economy-6779	99	9	horizon	horizon	NOUN
economy-6779	99	10	k	k	PROPN
economy-6779	99	11	increases	increase	VERB
economy-6779	99	12	,	,	PUNCT
economy-6779	99	13	the	the	DET
economy-6779	99	14	second	second	ADJ
economy-6779	99	15	term	term	NOUN
economy-6779	99	16	on	on	ADP
economy-6779	99	17	the	the	DET
economy-6779	99	18	right	right	ADJ
economy-6779	99	19	side	side	NOUN
economy-6779	99	20	of	of	ADP
economy-6779	99	21	equation	equation	NOUN
economy-6779	99	22	1	1	NUM
economy-6779	99	23	approaches	approach	NOUN
economy-6779	99	24	zero	zero	NUM
economy-6779	99	25	,	,	PUNCT
economy-6779	99	26	implying	imply	VERB
economy-6779	99	27	that	that	SCONJ
economy-6779	99	28	there	there	PRON
economy-6779	99	29	are	be	VERB
economy-6779	99	30	no	no	DET
economy-6779	99	31	rational	rational	ADJ
economy-6779	99	32	stock	stock	NOUN
economy-6779	99	33	price	price	NOUN
economy-6779	99	34	bubbles	bubble	NOUN
economy-6779	99	35	,	,	PUNCT
economy-6779	99	36	as	as	SCONJ
economy-6779	99	37	demonstrated	demonstrate	VERB
economy-6779	99	38	in	in	ADP
economy-6779	99	39	equation	equation	NOUN
economy-6779	99	40	2	2	NUM
economy-6779	99	41	below	below	ADV
economy-6779	99	42	:	:	PUNCT
economy-6779	99	43	𝑙𝑖𝑚	𝑙𝑖𝑚	PROPN
economy-6779	99	44	𝑘→∞	𝑘→∞	NUM
economy-6779	100	1	𝐸𝑡	𝐸𝑡	NOUN
economy-6779	100	2	[	[	X
economy-6779	100	3	(	(	PUNCT
economy-6779	100	4	1	1	NUM
economy-6779	100	5	1+𝑅	1+𝑅	NUM
economy-6779	100	6	)	)	PUNCT
economy-6779	100	7	𝑘𝑆𝑡+𝑘	𝑘𝑆𝑡+𝑘	PROPN
economy-6779	100	8	]	]	X
economy-6779	100	9	=	=	SYM
economy-6779	100	10	0	0	PUNCT
economy-6779	100	11	(	(	PUNCT
economy-6779	100	12	2	2	NUM
economy-6779	100	13	)	)	PUNCT
economy-6779	100	14	thus	thus	ADV
economy-6779	100	15	,	,	PUNCT
economy-6779	100	16	based	base	VERB
economy-6779	100	17	on	on	ADP
economy-6779	100	18	the	the	DET
economy-6779	100	19	discussion	discussion	NOUN
economy-6779	100	20	by	by	ADP
economy-6779	100	21	campbell	campbell	PROPN
economy-6779	100	22	and	and	CCONJ
economy-6779	100	23	mackinlay	mackinlay	PROPN
economy-6779	100	24	(	(	PUNCT
economy-6779	100	25	1996	1996	NUM
economy-6779	100	26	)	)	PUNCT
economy-6779	100	27	regarding	regard	VERB
economy-6779	100	28	models	model	NOUN
economy-6779	100	29	of	of	ADP
economy-6779	100	30	rational	rational	ADJ
economy-6779	100	31	bubbles	bubble	NOUN
economy-6779	100	32	that	that	PRON
economy-6779	100	33	relax	relax	VERB
economy-6779	100	34	the	the	DET
economy-6779	100	35	transversality	transversality	NOUN
economy-6779	100	36	condition	condition	NOUN
economy-6779	100	37	,	,	PUNCT
economy-6779	100	38	along	along	ADP
economy-6779	100	39	with	with	ADP
economy-6779	100	40	their	their	PRON
economy-6779	100	41	development	development	NOUN
economy-6779	100	42	of	of	ADP
economy-6779	100	43	the	the	DET
economy-6779	100	44	present	present	ADJ
economy-6779	100	45	value	value	NOUN
economy-6779	100	46	model	model	NOUN
economy-6779	100	47	using	use	VERB
economy-6779	100	48	variable	variable	ADJ
economy-6779	100	49	discount	discount	NOUN
economy-6779	100	50	rates	rate	NOUN
economy-6779	100	51	,	,	PUNCT
economy-6779	100	52	we	we	PRON
economy-6779	100	53	arrive	arrive	VERB
economy-6779	100	54	at	at	ADP
economy-6779	100	55	the	the	DET
economy-6779	100	56	familiar	familiar	ADJ
economy-6779	100	57	form	form	NOUN
economy-6779	100	58	of	of	ADP
economy-6779	100	59	the	the	DET
economy-6779	100	60	present	present	ADJ
economy-6779	100	61	value	value	NOUN
economy-6779	100	62	model	model	NOUN
economy-6779	100	63	presented	present	VERB
economy-6779	100	64	in	in	ADP
economy-6779	100	65	equation	equation	NOUN
economy-6779	100	66	3	3	NUM
economy-6779	100	67	.	.	PUNCT
economy-6779	101	1	𝑆𝑡	𝑆𝑡	NOUN
economy-6779	101	2	=	=	SYM
economy-6779	101	3	𝐸𝑡	𝐸𝑡	PROPN
economy-6779	102	1	[	[	X
economy-6779	102	2	(	(	PUNCT
economy-6779	102	3	∑	∑	PROPN
economy-6779	102	4	1	1	NUM
economy-6779	102	5	1+𝑅	1+𝑅	NUM
economy-6779	102	6	)	)	PUNCT
economy-6779	103	1	𝑗𝐷𝑡+𝑗	𝑗𝐷𝑡+𝑗	PROPN
economy-6779	104	1	𝑘	𝑘	PRON
economy-6779	104	2	𝑗−1	𝑗−1	PROPN
economy-6779	104	3	]	]	PUNCT
economy-6779	104	4	(	(	PUNCT
economy-6779	104	5	3	3	NUM
economy-6779	104	6	)	)	PUNCT
economy-6779	104	7	from	from	ADP
economy-6779	104	8	equation	equation	NOUN
economy-6779	104	9	3	3	NUM
economy-6779	104	10	,	,	PUNCT
economy-6779	104	11	it	it	PRON
economy-6779	104	12	can	can	AUX
economy-6779	104	13	be	be	AUX
economy-6779	104	14	inferred	infer	VERB
economy-6779	104	15	that	that	SCONJ
economy-6779	104	16	a	a	DET
economy-6779	104	17	variation	variation	NOUN
economy-6779	104	18	in	in	ADP
economy-6779	104	19	monetary	monetary	ADJ
economy-6779	104	20	policy	policy	NOUN
economy-6779	104	21	can	can	AUX
economy-6779	104	22	move	move	VERB
economy-6779	104	23	stock	stock	NOUN
economy-6779	104	24	prices	price	NOUN
economy-6779	104	25	in	in	ADP
economy-6779	104	26	two	two	NUM
economy-6779	104	27	folds	fold	NOUN
economy-6779	104	28	.	.	PUNCT
economy-6779	105	1	the	the	DET
economy-6779	105	2	empirical	empirical	ADJ
economy-6779	105	3	studies	study	NOUN
economy-6779	105	4	of	of	ADP
economy-6779	105	5	monetary	monetary	ADJ
economy-6779	105	6	policy	policy	NOUN
economy-6779	105	7	interactions	interaction	NOUN
economy-6779	105	8	and	and	CCONJ
economy-6779	105	9	financial	financial	ADJ
economy-6779	105	10	market	market	NOUN
economy-6779	105	11	fluctuations	fluctuation	NOUN
economy-6779	105	12	can	can	AUX
economy-6779	105	13	be	be	AUX
economy-6779	105	14	divided	divide	VERB
economy-6779	105	15	into	into	ADP
economy-6779	105	16	three	three	NUM
economy-6779	105	17	.	.	PUNCT
economy-6779	106	1	these	these	PRON
economy-6779	106	2	will	will	AUX
economy-6779	106	3	involve	involve	VERB
economy-6779	106	4	examining	examine	VERB
economy-6779	106	5	studies	study	NOUN
economy-6779	106	6	on	on	ADP
economy-6779	106	7	developed	develop	VERB
economy-6779	106	8	countries	country	NOUN
economy-6779	106	9	,	,	PUNCT
economy-6779	106	10	the	the	DET
economy-6779	106	11	second	second	ADJ
economy-6779	106	12	will	will	AUX
economy-6779	106	13	be	be	AUX
economy-6779	106	14	on	on	ADP
economy-6779	106	15	emerging	emerge	VERB
economy-6779	106	16	economies	economy	NOUN
economy-6779	106	17	and	and	CCONJ
economy-6779	106	18	the	the	DET
economy-6779	106	19	last	last	ADJ
economy-6779	106	20	on	on	ADP
economy-6779	106	21	developing	develop	VERB
economy-6779	106	22	economies	economy	NOUN
economy-6779	106	23	.	.	PUNCT
economy-6779	107	1	andrés	andrés	PROPN
economy-6779	107	2	,	,	PUNCT
economy-6779	107	3	mestre	mestre	NOUN
economy-6779	107	4	,	,	PUNCT
economy-6779	107	5	and	and	CCONJ
economy-6779	107	6	vallés	vallés	PROPN
economy-6779	107	7	(	(	PUNCT
economy-6779	107	8	1999	1999	NUM
economy-6779	107	9	)	)	PUNCT
economy-6779	107	10	explained	explain	VERB
economy-6779	107	11	how	how	SCONJ
economy-6779	107	12	prices	price	NOUN
economy-6779	107	13	,	,	PUNCT
economy-6779	107	14	output	output	NOUN
economy-6779	107	15	and	and	CCONJ
economy-6779	107	16	the	the	DET
economy-6779	107	17	exchange	exchange	NOUN
economy-6779	107	18	rate	rate	NOUN
economy-6779	107	19	responded	respond	VERB
economy-6779	107	20	to	to	ADP
economy-6779	107	21	a	a	DET
economy-6779	107	22	monetary	monetary	ADJ
economy-6779	107	23	policy	policy	NOUN
economy-6779	107	24	shock	shock	NOUN
economy-6779	107	25	.	.	PUNCT
economy-6779	108	1	the	the	DET
economy-6779	108	2	evidence	evidence	NOUN
economy-6779	108	3	based	base	VERB
economy-6779	108	4	on	on	ADP
economy-6779	108	5	the	the	DET
economy-6779	108	6	svar	svar	PROPN
economy-6779	108	7	model	model	NOUN
economy-6779	108	8	confirms	confirm	VERB
economy-6779	108	9	that	that	SCONJ
economy-6779	108	10	the	the	DET
economy-6779	108	11	spanish	spanish	ADJ
economy-6779	108	12	economy	economy	NOUN
economy-6779	108	13	is	be	AUX
economy-6779	108	14	characterized	characterize	VERB
economy-6779	108	15	by	by	ADP
economy-6779	108	16	the	the	DET
economy-6779	108	17	efficiency	efficiency	NOUN
economy-6779	108	18	of	of	ADP
economy-6779	108	19	the	the	DET
economy-6779	108	20	asset	asset	NOUN
economy-6779	108	21	price	price	NOUN
economy-6779	108	22	adjustment	adjustment	NOUN
economy-6779	108	23	,	,	PUNCT
economy-6779	108	24	nominal	nominal	ADJ
economy-6779	108	25	rigidities	rigidity	NOUN
economy-6779	108	26	and	and	CCONJ
economy-6779	108	27	long	long	ADJ
economy-6779	108	28	run	run	VERB
economy-6779	108	29	monetary	monetary	ADJ
economy-6779	108	30	non	non	NOUN
economy-6779	108	31	-	-	NOUN
economy-6779	108	32	neutrality	neutrality	NOUN
economy-6779	108	33	.	.	PUNCT
economy-6779	109	1	the	the	DET
economy-6779	109	2	main	main	ADJ
economy-6779	109	3	source	source	NOUN
economy-6779	109	4	of	of	ADP
economy-6779	109	5	the	the	DET
economy-6779	109	6	shock	shock	NOUN
economy-6779	109	7	is	be	AUX
economy-6779	109	8	the	the	DET
economy-6779	109	9	interest	interest	NOUN
economy-6779	109	10	rate	rate	NOUN
economy-6779	109	11	,	,	PUNCT
economy-6779	109	12	while	while	SCONJ
economy-6779	109	13	the	the	DET
economy-6779	109	14	exchange	exchange	NOUN
economy-6779	109	15	rate	rate	NOUN
economy-6779	109	16	has	have	VERB
economy-6779	109	17	a	a	DET
economy-6779	109	18	tendency	tendency	NOUN
economy-6779	109	19	to	to	PART
economy-6779	109	20	over	over	ADV
economy-6779	109	21	-	-	PUNCT
economy-6779	109	22	reverse	reverse	VERB
economy-6779	109	23	the	the	DET
economy-6779	109	24	long	long	ADJ
economy-6779	109	25	-	-	PUNCT
economy-6779	109	26	term	term	NOUN
economy-6779	109	27	value	value	NOUN
economy-6779	109	28	.	.	PUNCT
economy-6779	110	1	also	also	ADV
economy-6779	110	2	,	,	PUNCT
economy-6779	110	3	the	the	DET
economy-6779	110	4	estimates	estimate	NOUN
economy-6779	110	5	are	be	AUX
economy-6779	110	6	not	not	PART
economy-6779	110	7	characterized	characterize	VERB
economy-6779	110	8	by	by	ADP
economy-6779	110	9	a	a	DET
economy-6779	110	10	liquidity	liquidity	NOUN
economy-6779	110	11	puzzle	puzzle	NOUN
economy-6779	110	12	,	,	PUNCT
economy-6779	110	13	price	price	NOUN
economy-6779	110	14	puzzle	puzzle	NOUN
economy-6779	110	15	,	,	PUNCT
economy-6779	110	16	or	or	CCONJ
economy-6779	110	17	exchange	exchange	NOUN
economy-6779	110	18	rate	rate	NOUN
economy-6779	110	19	puzzle	puzzle	NOUN
economy-6779	110	20	.	.	PUNCT
economy-6779	111	1	again	again	ADV
economy-6779	111	2	,	,	PUNCT
economy-6779	111	3	mumtaz	mumtaz	NOUN
economy-6779	111	4	and	and	CCONJ
economy-6779	111	5	economy	economy	NOUN
economy-6779	111	6	,	,	PUNCT
economy-6779	111	7	2025	2025	NUM
economy-6779	111	8	,	,	PUNCT
economy-6779	111	9	12(2	12(2	NUM
economy-6779	111	10	):	):	PUNCT
economy-6779	111	11	40	40	NUM
economy-6779	111	12	-	-	SYM
economy-6779	111	13	50	50	NUM
economy-6779	111	14	43	43	NUM
economy-6779	111	15	©	©	ADP
economy-6779	111	16	2025	2025	NUM
economy-6779	111	17	by	by	ADP
economy-6779	111	18	the	the	DET
economy-6779	111	19	authors	author	NOUN
economy-6779	111	20	;	;	PUNCT
economy-6779	111	21	licensee	licensee	PROPN
economy-6779	111	22	asian	asian	ADJ
economy-6779	111	23	online	online	PROPN
economy-6779	111	24	journal	journal	PROPN
economy-6779	111	25	publishing	publishing	NOUN
economy-6779	111	26	group	group	NOUN
economy-6779	111	27	zanetti	zanetti	NOUN
economy-6779	111	28	(	(	PUNCT
economy-6779	111	29	2013	2013	NUM
economy-6779	111	30	)	)	PUNCT
economy-6779	111	31	analyzed	analyze	VERB
economy-6779	111	32	the	the	DET
economy-6779	111	33	impact	impact	NOUN
economy-6779	111	34	of	of	ADP
economy-6779	111	35	monetary	monetary	ADJ
economy-6779	111	36	policy	policy	NOUN
economy-6779	111	37	uncertainty	uncertainty	NOUN
economy-6779	111	38	by	by	ADP
economy-6779	111	39	employing	employ	VERB
economy-6779	111	40	structural	structural	ADJ
economy-6779	111	41	vector	vector	NOUN
economy-6779	111	42	autoregression	autoregression	NOUN
economy-6779	111	43	(	(	PUNCT
economy-6779	111	44	svar	svar	NOUN
economy-6779	111	45	)	)	PUNCT
economy-6779	111	46	,	,	PUNCT
economy-6779	111	47	model	model	NOUN
economy-6779	111	48	enriched	enrich	VERB
economy-6779	111	49	in	in	ADP
economy-6779	111	50	two	two	NUM
economy-6779	111	51	ways	way	NOUN
economy-6779	111	52	.	.	PUNCT
economy-6779	112	1	first	first	ADV
economy-6779	112	2	,	,	PUNCT
economy-6779	112	3	it	it	PRON
economy-6779	112	4	allows	allow	VERB
economy-6779	112	5	for	for	ADP
economy-6779	112	6	time	time	NOUN
economy-6779	112	7	-	-	PUNCT
economy-6779	112	8	varying	vary	VERB
economy-6779	112	9	variance	variance	NOUN
economy-6779	112	10	of	of	ADP
economy-6779	112	11	monetary	monetary	ADJ
economy-6779	112	12	policy	policy	NOUN
economy-6779	112	13	shocks	shock	NOUN
economy-6779	112	14	with	with	ADP
economy-6779	112	15	a	a	DET
economy-6779	112	16	stochastic	stochastic	ADJ
economy-6779	112	17	volatility	volatility	NOUN
economy-6779	112	18	model	model	NOUN
economy-6779	112	19	.	.	PUNCT
economy-6779	113	1	second	second	ADJ
economy-6779	113	2	,	,	PUNCT
economy-6779	113	3	it	it	PRON
economy-6779	113	4	allowed	allow	VERB
economy-6779	113	5	exhibiting	exhibit	VERB
economy-6779	113	6	the	the	DET
economy-6779	113	7	dynamics	dynamic	NOUN
economy-6779	113	8	of	of	ADP
economy-6779	113	9	the	the	DET
economy-6779	113	10	interactions	interaction	NOUN
economy-6779	113	11	between	between	ADP
economy-6779	113	12	the	the	DET
economy-6779	113	13	levels	level	NOUN
economy-6779	113	14	of	of	ADP
economy-6779	113	15	the	the	DET
economy-6779	113	16	endogenous	endogenous	ADJ
economy-6779	113	17	variables	variable	NOUN
economy-6779	113	18	of	of	ADP
economy-6779	113	19	the	the	DET
economy-6779	113	20	var	var	NOUN
economy-6779	113	21	and	and	CCONJ
economy-6779	113	22	the	the	DET
economy-6779	113	23	time	time	NOUN
economy-6779	113	24	varying	vary	VERB
economy-6779	113	25	volatility	volatility	NOUN
economy-6779	113	26	.	.	PUNCT
economy-6779	114	1	the	the	DET
economy-6779	114	2	results	result	NOUN
economy-6779	114	3	shows	show	VERB
economy-6779	114	4	that	that	SCONJ
economy-6779	114	5	nominal	nominal	ADJ
economy-6779	114	6	interest	interest	NOUN
economy-6779	114	7	rate	rate	NOUN
economy-6779	114	8	,	,	PUNCT
economy-6779	114	9	output	output	NOUN
economy-6779	114	10	growth	growth	NOUN
economy-6779	114	11	,	,	PUNCT
economy-6779	114	12	and	and	CCONJ
economy-6779	114	13	inflation	inflation	NOUN
economy-6779	114	14	fall	fall	VERB
economy-6779	114	15	in	in	ADP
economy-6779	114	16	reaction	reaction	NOUN
economy-6779	114	17	to	to	ADP
economy-6779	114	18	an	an	DET
economy-6779	114	19	increase	increase	NOUN
economy-6779	114	20	in	in	ADP
economy-6779	114	21	the	the	DET
economy-6779	114	22	volatility	volatility	NOUN
economy-6779	114	23	of	of	ADP
economy-6779	114	24	monetary	monetary	ADJ
economy-6779	114	25	policy	policy	NOUN
economy-6779	114	26	in	in	ADP
economy-6779	114	27	the	the	DET
economy-6779	114	28	us	us	PROPN
economy-6779	114	29	.	.	PUNCT
economy-6779	115	1	it	it	PRON
economy-6779	115	2	also	also	ADV
economy-6779	115	3	builds	build	VERB
economy-6779	115	4	a	a	DET
economy-6779	115	5	dynamic	dynamic	ADJ
economy-6779	115	6	stochastic	stochastic	ADJ
economy-6779	115	7	general	general	ADJ
economy-6779	115	8	equilibrium	equilibrium	NOUN
economy-6779	115	9	model	model	NOUN
economy-6779	115	10	with	with	ADP
economy-6779	115	11	stochastic	stochastic	ADJ
economy-6779	115	12	volatility	volatility	NOUN
economy-6779	115	13	in	in	ADP
economy-6779	115	14	monetary	monetary	ADJ
economy-6779	115	15	policy	policy	NOUN
economy-6779	115	16	which	which	PRON
economy-6779	115	17	gives	give	VERB
economy-6779	115	18	similar	similar	ADJ
economy-6779	115	19	results	result	NOUN
economy-6779	115	20	.	.	PUNCT
economy-6779	116	1	furthermore	furthermore	ADV
economy-6779	116	2	,	,	PUNCT
economy-6779	116	3	ma	ma	PROPN
economy-6779	116	4	,	,	PUNCT
economy-6779	116	5	wang	wang	PROPN
economy-6779	116	6	,	,	PUNCT
economy-6779	116	7	and	and	CCONJ
economy-6779	116	8	he	he	PRON
economy-6779	116	9	(	(	PUNCT
economy-6779	116	10	2022	2022	NUM
economy-6779	116	11	)	)	PUNCT
economy-6779	116	12	analyse	analyse	VERB
economy-6779	116	13	the	the	DET
economy-6779	116	14	within	within	ADP
economy-6779	116	15	and	and	CCONJ
economy-6779	116	16	cross	cross	ADJ
economy-6779	116	17	-	-	ADJ
economy-6779	116	18	sectional	sectional	ADJ
economy-6779	116	19	mechanisms	mechanism	NOUN
economy-6779	116	20	and	and	CCONJ
economy-6779	116	21	interaction	interaction	NOUN
economy-6779	116	22	between	between	ADP
economy-6779	116	23	economic	economic	ADJ
economy-6779	116	24	policy	policy	NOUN
economy-6779	116	25	uncertainty	uncertainty	NOUN
economy-6779	116	26	(	(	PUNCT
economy-6779	116	27	epu	epu	PROPN
economy-6779	116	28	)	)	PUNCT
economy-6779	116	29	and	and	CCONJ
economy-6779	116	30	stock	stock	NOUN
economy-6779	116	31	market	market	NOUN
economy-6779	116	32	realized	realize	VERB
economy-6779	116	33	volatility	volatility	NOUN
economy-6779	116	34	in	in	ADP
economy-6779	116	35	g7	g7	PROPN
economy-6779	116	36	countries	country	NOUN
economy-6779	116	37	.	.	PUNCT
economy-6779	117	1	the	the	DET
economy-6779	117	2	directional	directional	ADJ
economy-6779	117	3	spillover	spillover	PROPN
economy-6779	117	4	indicator	indicator	NOUN
economy-6779	117	5	was	be	AUX
economy-6779	117	6	then	then	ADV
economy-6779	117	7	computed	compute	VERB
economy-6779	117	8	utilizing	utilize	VERB
economy-6779	117	9	the	the	DET
economy-6779	117	10	monthly	monthly	ADJ
economy-6779	117	11	economic	economic	ADJ
economy-6779	117	12	policy	policy	NOUN
economy-6779	117	13	uncertainty	uncertainty	NOUN
economy-6779	117	14	index	index	NOUN
economy-6779	117	15	and	and	CCONJ
economy-6779	117	16	the	the	DET
economy-6779	117	17	realized	realize	VERB
economy-6779	117	18	volatility	volatility	NOUN
economy-6779	117	19	series	series	NOUN
economy-6779	117	20	for	for	ADP
economy-6779	117	21	each	each	DET
economy-6779	117	22	country	country	NOUN
economy-6779	117	23	.	.	PUNCT
economy-6779	118	1	the	the	DET
economy-6779	118	2	analysis	analysis	NOUN
economy-6779	118	3	showed	show	VERB
economy-6779	118	4	that	that	SCONJ
economy-6779	118	5	the	the	DET
economy-6779	118	6	degree	degree	NOUN
economy-6779	118	7	of	of	ADP
economy-6779	118	8	the	the	DET
economy-6779	118	9	spillover	spillover	ADJ
economy-6779	118	10	effect	effect	NOUN
economy-6779	118	11	of	of	ADP
economy-6779	118	12	economic	economic	ADJ
economy-6779	118	13	policy	policy	NOUN
economy-6779	118	14	uncertainty	uncertainty	NOUN
economy-6779	118	15	on	on	ADP
economy-6779	118	16	volatility	volatility	NOUN
economy-6779	118	17	of	of	ADP
economy-6779	118	18	the	the	DET
economy-6779	118	19	stock	stock	NOUN
economy-6779	118	20	markets	market	NOUN
economy-6779	118	21	is	be	AUX
economy-6779	118	22	higher	high	ADJ
economy-6779	118	23	in	in	ADP
economy-6779	118	24	the	the	DET
economy-6779	118	25	usa	usa	PROPN
economy-6779	118	26	,	,	PUNCT
economy-6779	118	27	japan	japan	PROPN
economy-6779	118	28	,	,	PUNCT
economy-6779	118	29	and	and	CCONJ
economy-6779	118	30	canada	canada	PROPN
economy-6779	118	31	and	and	CCONJ
economy-6779	118	32	reveals	reveal	VERB
economy-6779	118	33	regional	regional	ADJ
economy-6779	118	34	resemblance	resemblance	NOUN
economy-6779	118	35	.	.	PUNCT
economy-6779	119	1	meanwhile	meanwhile	ADV
economy-6779	119	2	,	,	PUNCT
economy-6779	119	3	we	we	PRON
economy-6779	119	4	find	find	VERB
economy-6779	119	5	that	that	SCONJ
economy-6779	119	6	economic	economic	ADJ
economy-6779	119	7	and	and	CCONJ
economy-6779	119	8	policy	policy	NOUN
economy-6779	119	9	uncertainty	uncertainty	NOUN
economy-6779	119	10	has	have	VERB
economy-6779	119	11	stronger	strong	ADJ
economy-6779	119	12	and	and	CCONJ
economy-6779	119	13	more	more	ADV
economy-6779	119	14	persistent	persistent	ADJ
economy-6779	119	15	responses	response	NOUN
economy-6779	119	16	to	to	ADP
economy-6779	119	17	the	the	DET
economy-6779	119	18	stock	stock	NOUN
economy-6779	119	19	markets	market	NOUN
economy-6779	119	20	of	of	ADP
economy-6779	119	21	france	france	PROPN
economy-6779	119	22	,	,	PUNCT
economy-6779	119	23	germany	germany	PROPN
economy-6779	119	24	as	as	ADV
economy-6779	119	25	well	well	ADV
economy-6779	119	26	as	as	ADP
economy-6779	119	27	italy	italy	PROPN
economy-6779	119	28	and	and	CCONJ
economy-6779	119	29	its	its	PRON
economy-6779	119	30	effects	effect	NOUN
economy-6779	119	31	last	last	ADJ
economy-6779	119	32	for	for	ADP
economy-6779	119	33	3	3	NUM
economy-6779	119	34	to	to	PART
economy-6779	119	35	18	18	NUM
economy-6779	119	36	months	month	NOUN
economy-6779	119	37	.	.	PUNCT
economy-6779	120	1	more	more	ADV
economy-6779	120	2	recently	recently	ADV
economy-6779	120	3	,	,	PUNCT
economy-6779	120	4	yang	yang	PROPN
economy-6779	120	5	,	,	PUNCT
economy-6779	120	6	zhou	zhou	PROPN
economy-6779	120	7	,	,	PUNCT
economy-6779	120	8	du	du	PROPN
economy-6779	120	9	,	,	PUNCT
economy-6779	120	10	du	du	X
economy-6779	120	11	,	,	PUNCT
economy-6779	120	12	and	and	CCONJ
economy-6779	120	13	zhou	zhou	PROPN
economy-6779	120	14	(	(	PUNCT
economy-6779	120	15	2023	2023	NUM
economy-6779	120	16	)	)	PUNCT
economy-6779	120	17	analyzed	analyze	VERB
economy-6779	120	18	the	the	DET
economy-6779	120	19	link	link	NOUN
economy-6779	120	20	between	between	ADP
economy-6779	120	21	the	the	DET
economy-6779	120	22	global	global	ADJ
economy-6779	120	23	oil	oil	NOUN
economy-6779	120	24	price	price	NOUN
economy-6779	120	25	,	,	PUNCT
economy-6779	120	26	stock	stock	NOUN
economy-6779	120	27	prices	price	NOUN
economy-6779	120	28	,	,	PUNCT
economy-6779	120	29	and	and	CCONJ
economy-6779	120	30	policy	policy	NOUN
economy-6779	120	31	interactions	interaction	NOUN
economy-6779	120	32	for	for	ADP
economy-6779	120	33	china	china	PROPN
economy-6779	120	34	and	and	CCONJ
economy-6779	120	35	us	we	PRON
economy-6779	120	36	.	.	PUNCT
economy-6779	121	1	the	the	DET
economy-6779	121	2	study	study	NOUN
economy-6779	121	3	applied	apply	VERB
economy-6779	121	4	time	time	NOUN
economy-6779	121	5	-	-	PUNCT
economy-6779	121	6	varying	vary	VERB
economy-6779	121	7	parameter	parameter	NOUN
economy-6779	121	8	stochastic	stochastic	ADJ
economy-6779	121	9	volatility	volatility	NOUN
economy-6779	121	10	vector	vector	NOUN
economy-6779	121	11	autoregression	autoregression	NOUN
economy-6779	121	12	model	model	NOUN
economy-6779	121	13	to	to	PART
economy-6779	121	14	examine	examine	VERB
economy-6779	121	15	the	the	DET
economy-6779	121	16	transmission	transmission	NOUN
economy-6779	121	17	of	of	ADP
economy-6779	121	18	the	the	DET
economy-6779	121	19	global	global	ADJ
economy-6779	121	20	oil	oil	NOUN
economy-6779	121	21	price	price	NOUN
economy-6779	121	22	shocks	shock	NOUN
economy-6779	121	23	,	,	PUNCT
economy-6779	121	24	chinese	chinese	PROPN
economy-6779	121	25	and	and	CCONJ
economy-6779	121	26	us	us	PROPN
economy-6779	121	27	stock	stock	NOUN
economy-6779	121	28	market	market	NOUN
economy-6779	121	29	volatility	volatility	NOUN
economy-6779	121	30	and	and	CCONJ
economy-6779	121	31	economic	economic	ADJ
economy-6779	121	32	policy	policy	NOUN
economy-6779	121	33	uncertainty	uncertainty	NOUN
economy-6779	121	34	indices	indice	VERB
economy-6779	121	35	in	in	ADP
economy-6779	121	36	china	china	PROPN
economy-6779	121	37	and	and	CCONJ
economy-6779	121	38	the	the	DET
economy-6779	121	39	us	us	PROPN
economy-6779	121	40	for	for	ADP
economy-6779	121	41	the	the	DET
economy-6779	121	42	period	period	NOUN
economy-6779	121	43	2003	2003	NUM
economy-6779	121	44	-	-	SYM
economy-6779	121	45	2020	2020	NUM
economy-6779	121	46	.	.	PUNCT
economy-6779	122	1	the	the	DET
economy-6779	122	2	analysis	analysis	NOUN
economy-6779	122	3	established	establish	VERB
economy-6779	122	4	positive	positive	ADJ
economy-6779	122	5	and	and	CCONJ
economy-6779	122	6	significant	significant	ADJ
economy-6779	122	7	relationship	relationship	NOUN
economy-6779	122	8	between	between	ADP
economy-6779	122	9	fluctuations	fluctuation	NOUN
economy-6779	122	10	of	of	ADP
economy-6779	122	11	the	the	DET
economy-6779	122	12	stock	stock	NOUN
economy-6779	122	13	markets	market	NOUN
economy-6779	122	14	in	in	ADP
economy-6779	122	15	the	the	DET
economy-6779	122	16	two	two	NUM
economy-6779	122	17	countries	country	NOUN
economy-6779	122	18	and	and	CCONJ
economy-6779	122	19	shifts	shift	NOUN
economy-6779	122	20	in	in	ADP
economy-6779	122	21	the	the	DET
economy-6779	122	22	international	international	ADJ
economy-6779	122	23	prices	price	NOUN
economy-6779	122	24	of	of	ADP
economy-6779	122	25	oil	oil	NOUN
economy-6779	122	26	.	.	PUNCT
economy-6779	123	1	it	it	PRON
economy-6779	123	2	was	be	AUX
economy-6779	123	3	identified	identify	VERB
economy-6779	123	4	that	that	SCONJ
economy-6779	123	5	the	the	DET
economy-6779	123	6	us	us	PROPN
economy-6779	123	7	stock	stock	NOUN
economy-6779	123	8	market	market	NOUN
economy-6779	123	9	had	have	VERB
economy-6779	123	10	a	a	DET
economy-6779	123	11	higher	high	ADJ
economy-6779	123	12	effect	effect	NOUN
economy-6779	123	13	on	on	ADP
economy-6779	123	14	the	the	DET
economy-6779	123	15	global	global	ADJ
economy-6779	123	16	oil	oil	NOUN
economy-6779	123	17	market	market	NOUN
economy-6779	123	18	than	than	ADP
economy-6779	123	19	the	the	DET
economy-6779	123	20	chinese	chinese	ADJ
economy-6779	123	21	stock	stock	NOUN
economy-6779	123	22	market	market	NOUN
economy-6779	123	23	.	.	PUNCT
economy-6779	124	1	besides	besides	SCONJ
economy-6779	124	2	,	,	PUNCT
economy-6779	124	3	the	the	DET
economy-6779	124	4	research	research	NOUN
economy-6779	124	5	showed	show	VERB
economy-6779	124	6	that	that	SCONJ
economy-6779	124	7	the	the	DET
economy-6779	124	8	increase	increase	NOUN
economy-6779	124	9	of	of	ADP
economy-6779	124	10	the	the	DET
economy-6779	124	11	economic	economic	ADJ
economy-6779	124	12	policy	policy	NOUN
economy-6779	124	13	uncertainty	uncertainty	NOUN
economy-6779	124	14	steepens	steepen	VERB
economy-6779	124	15	the	the	DET
economy-6779	124	16	oil	oil	NOUN
economy-6779	124	17	price	price	NOUN
economy-6779	124	18	volatility	volatility	NOUN
economy-6779	124	19	in	in	ADP
economy-6779	124	20	the	the	DET
economy-6779	124	21	global	global	ADJ
economy-6779	124	22	markets	market	NOUN
economy-6779	124	23	while	while	SCONJ
economy-6779	124	24	the	the	DET
economy-6779	124	25	increase	increase	NOUN
economy-6779	124	26	in	in	ADP
economy-6779	124	27	oil	oil	NOUN
economy-6779	124	28	price	price	NOUN
economy-6779	124	29	volatility	volatility	NOUN
economy-6779	124	30	enhances	enhance	VERB
economy-6779	124	31	the	the	DET
economy-6779	124	32	volatility	volatility	NOUN
economy-6779	124	33	of	of	ADP
economy-6779	124	34	the	the	DET
economy-6779	124	35	stock	stock	NOUN
economy-6779	124	36	markets	market	NOUN
economy-6779	124	37	and	and	CCONJ
economy-6779	124	38	economic	economic	ADJ
economy-6779	124	39	policy	policy	NOUN
economy-6779	124	40	uncertainty	uncertainty	NOUN
economy-6779	124	41	in	in	ADP
economy-6779	124	42	the	the	DET
economy-6779	124	43	two	two	NUM
economy-6779	124	44	countries	country	NOUN
economy-6779	124	45	.	.	PUNCT
economy-6779	125	1	yoshino	yoshino	PROPN
economy-6779	125	2	,	,	PUNCT
economy-6779	125	3	taghizadeh	taghizadeh	NOUN
economy-6779	125	4	-	-	PUNCT
economy-6779	125	5	hesary	hesary	ADJ
economy-6779	125	6	,	,	PUNCT
economy-6779	125	7	hassanzadeh	hassanzadeh	NOUN
economy-6779	125	8	,	,	PUNCT
economy-6779	125	9	and	and	CCONJ
economy-6779	125	10	prasetyo	prasetyo	NOUN
economy-6779	125	11	(	(	PUNCT
economy-6779	125	12	2014	2014	NUM
economy-6779	125	13	)	)	PUNCT
economy-6779	125	14	in	in	ADP
economy-6779	125	15	their	their	PRON
economy-6779	125	16	study	study	NOUN
economy-6779	125	17	on	on	ADP
economy-6779	125	18	emerging	emerge	VERB
economy-6779	125	19	economies	economy	NOUN
economy-6779	125	20	employed	employ	VERB
economy-6779	125	21	vecm	vecm	NOUN
economy-6779	125	22	on	on	ADP
economy-6779	125	23	tehran	tehran	PROPN
economy-6779	125	24	stock	stock	NOUN
economy-6779	125	25	prices	price	NOUN
economy-6779	125	26	with	with	ADP
economy-6779	125	27	respect	respect	NOUN
economy-6779	125	28	to	to	ADP
economy-6779	125	29	exogenous	exogenous	ADJ
economy-6779	125	30	monetary	monetary	ADJ
economy-6779	125	31	policy	policy	NOUN
economy-6779	125	32	shocks	shock	NOUN
economy-6779	125	33	for	for	ADP
economy-6779	125	34	the	the	DET
economy-6779	125	35	period	period	NOUN
economy-6779	125	36	1998q1to2013q2	1998q1to2013q2	NUM
economy-6779	125	37	.	.	PUNCT
economy-6779	126	1	they	they	PRON
economy-6779	126	2	found	find	VERB
economy-6779	126	3	that	that	SCONJ
economy-6779	126	4	monetary	monetary	ADJ
economy-6779	126	5	policy	policy	NOUN
economy-6779	126	6	affects	affect	VERB
economy-6779	126	7	stock	stock	NOUN
economy-6779	126	8	market	market	NOUN
economy-6779	126	9	prices	price	NOUN
economy-6779	126	10	through	through	ADP
economy-6779	126	11	three	three	NUM
economy-6779	126	12	channels	channel	NOUN
economy-6779	126	13	:	:	PUNCT
economy-6779	126	14	money	money	NOUN
economy-6779	126	15	supply	supply	NOUN
economy-6779	126	16	,	,	PUNCT
economy-6779	126	17	rates	rate	NOUN
economy-6779	126	18	of	of	ADP
economy-6779	126	19	exchange	exchange	NOUN
economy-6779	126	20	,	,	PUNCT
economy-6779	126	21	and	and	CCONJ
economy-6779	126	22	inflation	inflation	NOUN
economy-6779	126	23	.	.	PUNCT
economy-6779	127	1	the	the	DET
economy-6779	127	2	evidence	evidence	NOUN
economy-6779	127	3	are	be	AUX
economy-6779	127	4	in	in	ADP
economy-6779	127	5	favour	favour	NOUN
economy-6779	127	6	of	of	ADP
economy-6779	127	7	their	their	PRON
economy-6779	127	8	hypothesis	hypothesis	NOUN
economy-6779	127	9	that	that	SCONJ
economy-6779	127	10	stock	stock	NOUN
economy-6779	127	11	prices	price	NOUN
economy-6779	127	12	invariably	invariably	ADV
economy-6779	127	13	increase	increase	VERB
economy-6779	127	14	following	follow	VERB
economy-6779	127	15	a	a	DET
economy-6779	127	16	change	change	NOUN
economy-6779	127	17	in	in	ADP
economy-6779	127	18	monetary	monetary	ADJ
economy-6779	127	19	policy	policy	NOUN
economy-6779	127	20	regime	regime	NOUN
economy-6779	127	21	.	.	PUNCT
economy-6779	128	1	the	the	DET
economy-6779	128	2	variance	variance	NOUN
economy-6779	128	3	decomposition	decomposition	NOUN
economy-6779	128	4	analysis	analysis	NOUN
economy-6779	128	5	further	far	ADV
economy-6779	128	6	shows	show	VERB
economy-6779	128	7	that	that	SCONJ
economy-6779	128	8	after	after	ADP
economy-6779	128	9	ten	ten	NUM
economy-6779	128	10	periods	period	NOUN
economy-6779	128	11	,	,	PUNCT
economy-6779	128	12	more	more	ADJ
economy-6779	128	13	than	than	ADP
economy-6779	128	14	half	half	NOUN
economy-6779	128	15	of	of	ADP
economy-6779	128	16	the	the	DET
economy-6779	128	17	forecast	forecast	NOUN
economy-6779	128	18	error	error	NOUN
economy-6779	128	19	variance	variance	NOUN
economy-6779	128	20	in	in	ADP
economy-6779	128	21	tehran	tehran	PROPN
economy-6779	128	22	stock	stock	PROPN
economy-6779	128	23	exchange	exchange	PROPN
economy-6779	128	24	price	price	NOUN
economy-6779	128	25	index	index	NOUN
economy-6779	128	26	originates	originate	NOUN
economy-6779	128	27	from	from	ADP
economy-6779	128	28	the	the	DET
economy-6779	128	29	us	us	PROPN
economy-6779	128	30	dollar	dollar	NOUN
economy-6779	128	31	–	–	PUNCT
economy-6779	128	32	iranian	iranian	ADJ
economy-6779	128	33	rial	rial	ADJ
economy-6779	128	34	exchange	exchange	NOUN
economy-6779	128	35	rate	rate	NOUN
economy-6779	128	36	shocks	shock	NOUN
economy-6779	128	37	while	while	SCONJ
economy-6779	128	38	a	a	DET
economy-6779	128	39	less	less	ADJ
economy-6779	128	40	than	than	ADP
economy-6779	128	41	one	one	NUM
economy-6779	128	42	fifth	fifth	ADJ
economy-6779	128	43	fraction	fraction	NOUN
economy-6779	128	44	of	of	ADP
economy-6779	128	45	this	this	DET
economy-6779	128	46	variance	variance	NOUN
economy-6779	128	47	owes	owe	VERB
economy-6779	128	48	its	its	PRON
economy-6779	128	49	source	source	NOUN
economy-6779	128	50	to	to	ADP
economy-6779	128	51	the	the	DET
economy-6779	128	52	iranian	iranian	ADJ
economy-6779	128	53	real	real	ADJ
economy-6779	128	54	gdp	gdp	NOUN
economy-6779	128	55	shocks	shock	NOUN
economy-6779	128	56	.	.	PUNCT
economy-6779	129	1	they	they	PRON
economy-6779	129	2	argue	argue	VERB
economy-6779	129	3	that	that	SCONJ
economy-6779	129	4	this	this	DET
economy-6779	129	5	evidence	evidence	NOUN
economy-6779	129	6	is	be	AUX
economy-6779	129	7	explained	explain	VERB
economy-6779	129	8	by	by	ADP
economy-6779	129	9	an	an	DET
economy-6779	129	10	endogenous	endogenous	ADJ
economy-6779	129	11	adjustment	adjustment	NOUN
economy-6779	129	12	of	of	ADP
economy-6779	129	13	stock	stock	NOUN
economy-6779	129	14	price	price	NOUN
economy-6779	129	15	to	to	ADP
economy-6779	129	16	monetary	monetary	ADJ
economy-6779	129	17	policy	policy	NOUN
economy-6779	129	18	shocks	shock	NOUN
economy-6779	129	19	.	.	PUNCT
economy-6779	130	1	interestingly	interestingly	ADV
economy-6779	130	2	,	,	PUNCT
economy-6779	130	3	atiş	atiş	VERB
economy-6779	130	4	and	and	CCONJ
economy-6779	130	5	erer	erer	AUX
economy-6779	130	6	(	(	PUNCT
economy-6779	130	7	2018	2018	NUM
economy-6779	130	8	)	)	PUNCT
economy-6779	130	9	examined	examine	VERB
economy-6779	130	10	the	the	DET
economy-6779	130	11	asymmetric	asymmetric	ADJ
economy-6779	130	12	responses	response	NOUN
economy-6779	130	13	of	of	ADP
economy-6779	130	14	stock	stock	NOUN
economy-6779	130	15	market	market	NOUN
economy-6779	130	16	returns	return	NOUN
economy-6779	130	17	and	and	CCONJ
economy-6779	130	18	volatility	volatility	NOUN
economy-6779	130	19	to	to	ADP
economy-6779	130	20	monetary	monetary	ADJ
economy-6779	130	21	policy	policy	NOUN
economy-6779	130	22	during	during	ADP
economy-6779	130	23	bull	bull	NOUN
economy-6779	130	24	and	and	CCONJ
economy-6779	130	25	bear	bear	NOUN
economy-6779	130	26	markets	market	NOUN
economy-6779	130	27	in	in	ADP
economy-6779	130	28	turkey	turkey	NOUN
economy-6779	130	29	from	from	ADP
economy-6779	130	30	2002	2002	NUM
economy-6779	130	31	to	to	ADP
economy-6779	130	32	2016	2016	NUM
economy-6779	130	33	.	.	PUNCT
economy-6779	131	1	the	the	DET
economy-6779	131	2	study	study	NOUN
economy-6779	131	3	uses	use	VERB
economy-6779	131	4	markov	markov	NOUN
economy-6779	131	5	switching	switching	NOUN
economy-6779	131	6	model	model	NOUN
economy-6779	131	7	with	with	ADP
economy-6779	131	8	the	the	DET
economy-6779	131	9	policy	policy	NOUN
economy-6779	131	10	rate	rate	NOUN
economy-6779	131	11	as	as	ADP
economy-6779	131	12	the	the	DET
economy-6779	131	13	monetary	monetary	ADJ
economy-6779	131	14	policy	policy	NOUN
economy-6779	131	15	measure	measure	NOUN
economy-6779	131	16	.	.	PUNCT
economy-6779	132	1	the	the	DET
economy-6779	132	2	empirical	empirical	ADJ
economy-6779	132	3	results	result	NOUN
economy-6779	132	4	revealed	reveal	VERB
economy-6779	132	5	that	that	SCONJ
economy-6779	132	6	monetary	monetary	ADJ
economy-6779	132	7	policy	policy	NOUN
economy-6779	132	8	is	be	AUX
economy-6779	132	9	more	more	ADV
economy-6779	132	10	potent	potent	ADJ
economy-6779	132	11	during	during	ADP
economy-6779	132	12	a	a	DET
economy-6779	132	13	bull	bull	NOUN
economy-6779	132	14	market	market	NOUN
economy-6779	132	15	environment	environment	NOUN
economy-6779	132	16	.	.	PUNCT
economy-6779	133	1	again	again	ADV
economy-6779	133	2	,	,	PUNCT
economy-6779	133	3	si	si	INTJ
economy-6779	133	4	,	,	PUNCT
economy-6779	133	5	zhao	zhao	PROPN
economy-6779	133	6	,	,	PUNCT
economy-6779	133	7	li	li	PROPN
economy-6779	133	8	,	,	PUNCT
economy-6779	133	9	and	and	CCONJ
economy-6779	133	10	ding	ding	NOUN
economy-6779	133	11	(	(	PUNCT
economy-6779	133	12	2021	2021	NUM
economy-6779	133	13	)	)	PUNCT
economy-6779	133	14	investigated	investigate	VERB
economy-6779	133	15	the	the	DET
economy-6779	133	16	fluctuating	fluctuate	VERB
economy-6779	133	17	volatility	volatility	NOUN
economy-6779	133	18	interconnectedness	interconnectedness	NOUN
economy-6779	133	19	between	between	ADP
economy-6779	133	20	different	different	ADJ
economy-6779	133	21	forms	form	NOUN
economy-6779	133	22	of	of	ADP
economy-6779	133	23	policy	policy	NOUN
economy-6779	133	24	uncertainty	uncertainty	NOUN
economy-6779	133	25	and	and	CCONJ
economy-6779	133	26	sectoral	sectoral	ADJ
economy-6779	133	27	markets	market	NOUN
economy-6779	133	28	in	in	ADP
economy-6779	133	29	china	china	PROPN
economy-6779	133	30	in	in	ADP
economy-6779	133	31	time	time	NOUN
economy-6779	133	32	and	and	CCONJ
economy-6779	133	33	frequency	frequency	NOUN
economy-6779	133	34	variations	variation	NOUN
economy-6779	133	35	.	.	PUNCT
economy-6779	134	1	base	base	NOUN
economy-6779	134	2	on	on	ADP
economy-6779	134	3	the	the	DET
economy-6779	134	4	time	time	NOUN
economy-6779	134	5	frequency	frequency	PROPN
economy-6779	134	6	connectedness	connectedness	NOUN
economy-6779	134	7	index	index	NOUN
economy-6779	134	8	method	method	NOUN
economy-6779	134	9	,	,	PUNCT
economy-6779	134	10	the	the	DET
economy-6779	134	11	empirical	empirical	ADJ
economy-6779	134	12	results	result	NOUN
economy-6779	134	13	illustrated	illustrate	VERB
economy-6779	134	14	a	a	DET
economy-6779	134	15	highly	highly	ADV
economy-6779	134	16	connected	connected	ADJ
economy-6779	134	17	network	network	NOUN
economy-6779	134	18	between	between	ADP
economy-6779	134	19	policy	policy	NOUN
economy-6779	134	20	uncertainty	uncertainty	NOUN
economy-6779	134	21	and	and	CCONJ
economy-6779	134	22	chinese	chinese	ADJ
economy-6779	134	23	sectoral	sectoral	ADJ
economy-6779	134	24	stock	stock	NOUN
economy-6779	134	25	market	market	NOUN
economy-6779	134	26	especially	especially	ADV
economy-6779	134	27	under	under	ADP
economy-6779	134	28	mid	mid	ADJ
economy-6779	134	29	and	and	CCONJ
economy-6779	134	30	long	long	ADJ
economy-6779	134	31	run	run	NOUN
economy-6779	134	32	horizons	horizon	NOUN
economy-6779	134	33	.	.	PUNCT
economy-6779	135	1	most	most	ADV
economy-6779	135	2	significantly	significantly	ADV
economy-6779	135	3	,	,	PUNCT
economy-6779	135	4	policy	policy	NOUN
economy-6779	135	5	makers	maker	NOUN
economy-6779	135	6	were	be	AUX
economy-6779	135	7	least	least	ADV
economy-6779	135	8	concerned	concerned	ADJ
economy-6779	135	9	with	with	ADP
economy-6779	135	10	the	the	DET
economy-6779	135	11	monetary	monetary	ADJ
economy-6779	135	12	policy	policy	NOUN
economy-6779	135	13	contributing	contribute	VERB
economy-6779	135	14	the	the	DET
economy-6779	135	15	least	least	ADJ
economy-6779	135	16	to	to	ADP
economy-6779	135	17	spillovers	spillover	NOUN
economy-6779	135	18	of	of	ADP
economy-6779	135	19	the	the	DET
economy-6779	135	20	four	four	NUM
economy-6779	135	21	classification	classification	NOUN
economy-6779	135	22	types	type	NOUN
economy-6779	135	23	of	of	ADP
economy-6779	135	24	policy	policy	NOUN
economy-6779	135	25	uncertainty	uncertainty	NOUN
economy-6779	135	26	.	.	PUNCT
economy-6779	136	1	in	in	ADP
economy-6779	136	2	nigeria	nigeria	PROPN
economy-6779	136	3	,	,	PUNCT
economy-6779	136	4	babajide	babajide	ADJ
economy-6779	136	5	,	,	PUNCT
economy-6779	136	6	isola	isola	PROPN
economy-6779	136	7	,	,	PUNCT
economy-6779	136	8	and	and	CCONJ
economy-6779	136	9	olukayode	olukayode	NOUN
economy-6779	136	10	(	(	PUNCT
economy-6779	136	11	2016	2016	NUM
economy-6779	136	12	)	)	PUNCT
economy-6779	136	13	who	who	PRON
economy-6779	136	14	uses	use	VERB
economy-6779	136	15	autoregressive	autoregressive	ADJ
economy-6779	136	16	distributed	distribute	VERB
economy-6779	136	17	lag	lag	NOUN
economy-6779	136	18	bound	bind	VERB
economy-6779	136	19	testing	testing	NOUN
economy-6779	136	20	techniques	technique	NOUN
economy-6779	136	21	with	with	ADP
economy-6779	136	22	the	the	DET
economy-6779	136	23	view	view	NOUN
economy-6779	136	24	of	of	ADP
economy-6779	136	25	analyzing	analyze	VERB
economy-6779	136	26	the	the	DET
economy-6779	136	27	relationship	relationship	NOUN
economy-6779	136	28	between	between	ADP
economy-6779	136	29	monetary	monetary	ADJ
economy-6779	136	30	policy	policy	NOUN
economy-6779	136	31	instruments	instrument	NOUN
economy-6779	136	32	and	and	CCONJ
economy-6779	136	33	the	the	DET
economy-6779	136	34	stock	stock	NOUN
economy-6779	136	35	market	market	NOUN
economy-6779	136	36	in	in	ADP
economy-6779	136	37	nigeria	nigeria	PROPN
economy-6779	136	38	.	.	PUNCT
economy-6779	137	1	the	the	DET
economy-6779	137	2	accumulation	accumulation	NOUN
economy-6779	137	3	of	of	ADP
economy-6779	137	4	evidence	evidence	NOUN
economy-6779	137	5	suggested	suggest	VERB
economy-6779	137	6	that	that	SCONJ
economy-6779	137	7	monetary	monetary	ADJ
economy-6779	137	8	policy	policy	NOUN
economy-6779	137	9	tools	tool	NOUN
economy-6779	137	10	affected	affect	VERB
economy-6779	137	11	the	the	DET
economy-6779	137	12	character	character	NOUN
economy-6779	137	13	of	of	ADP
economy-6779	137	14	stock	stock	NOUN
economy-6779	137	15	market	market	NOUN
economy-6779	137	16	in	in	ADP
economy-6779	137	17	the	the	DET
economy-6779	137	18	country	country	NOUN
economy-6779	137	19	.	.	PUNCT
economy-6779	138	1	partially	partially	ADV
economy-6779	138	2	,	,	PUNCT
economy-6779	138	3	this	this	DET
economy-6779	138	4	study	study	NOUN
economy-6779	138	5	is	be	AUX
economy-6779	138	6	relevant	relevant	ADJ
economy-6779	138	7	to	to	AUX
economy-6779	138	8	shehu	shehu	VERB
economy-6779	138	9	ur	ur	INTJ
economy-6779	138	10	(	(	PUNCT
economy-6779	138	11	2021	2021	NUM
economy-6779	138	12	)	)	PUNCT
economy-6779	138	13	work	work	NOUN
economy-6779	138	14	,	,	PUNCT
economy-6779	138	15	which	which	PRON
economy-6779	138	16	applied	apply	VERB
economy-6779	138	17	garch	garch	NOUN
economy-6779	138	18	and	and	CCONJ
economy-6779	138	19	egarch	egarch	NOUN
economy-6779	138	20	methodologies	methodology	NOUN
economy-6779	138	21	to	to	PART
economy-6779	138	22	test	test	VERB
economy-6779	138	23	the	the	DET
economy-6779	138	24	effect	effect	NOUN
economy-6779	138	25	of	of	ADP
economy-6779	138	26	monetary	monetary	ADJ
economy-6779	138	27	policy	policy	NOUN
economy-6779	138	28	innovations	innovation	NOUN
economy-6779	138	29	on	on	ADP
economy-6779	138	30	stock	stock	NOUN
economy-6779	138	31	returns	return	NOUN
economy-6779	138	32	prior	prior	ADV
economy-6779	138	33	to	to	ADP
economy-6779	138	34	the	the	DET
economy-6779	138	35	nigeria	nigeria	PROPN
economy-6779	138	36	stock	stock	PROPN
economy-6779	138	37	exchange	exchange	PROPN
economy-6779	138	38	during	during	ADP
economy-6779	138	39	the	the	DET
economy-6779	138	40	global	global	ADJ
economy-6779	138	41	financial	financial	ADJ
economy-6779	138	42	crisis	crisis	NOUN
economy-6779	138	43	.	.	PUNCT
economy-6779	139	1	the	the	DET
economy-6779	139	2	empirical	empirical	ADJ
economy-6779	139	3	analysis	analysis	NOUN
economy-6779	139	4	showed	show	VERB
economy-6779	139	5	that	that	SCONJ
economy-6779	139	6	the	the	DET
economy-6779	139	7	unsystematic	unsystematic	ADJ
economy-6779	139	8	(	(	PUNCT
economy-6779	139	9	unexpected	unexpected	ADJ
economy-6779	139	10	)	)	PUNCT
economy-6779	139	11	parts	part	NOUN
economy-6779	139	12	of	of	ADP
economy-6779	139	13	policy	policy	NOUN
economy-6779	139	14	innovations	innovation	NOUN
economy-6779	139	15	concerning	concern	VERB
economy-6779	139	16	money	money	NOUN
economy-6779	139	17	supply	supply	NOUN
economy-6779	139	18	and	and	CCONJ
economy-6779	139	19	monetary	monetary	ADJ
economy-6779	139	20	policy	policy	NOUN
economy-6779	139	21	rate	rate	NOUN
economy-6779	139	22	are	be	AUX
economy-6779	139	23	negatively	negatively	ADV
economy-6779	139	24	associated	associate	VERB
economy-6779	139	25	with	with	ADP
economy-6779	139	26	nigeria	nigeria	PROPN
economy-6779	139	27	stock	stock	PROPN
economy-6779	139	28	exchange	exchange	PROPN
economy-6779	139	29	returns	return	NOUN
economy-6779	139	30	while	while	SCONJ
economy-6779	139	31	systematic	systematic	ADJ
economy-6779	139	32	(	(	PUNCT
economy-6779	139	33	anticipated	anticipated	ADJ
economy-6779	139	34	)	)	PUNCT
economy-6779	139	35	parts	part	NOUN
economy-6779	139	36	are	be	AUX
economy-6779	139	37	not	not	PART
economy-6779	139	38	.	.	PUNCT
economy-6779	140	1	in	in	ADP
economy-6779	140	2	the	the	DET
economy-6779	140	3	same	same	ADJ
economy-6779	140	4	vein	vein	NOUN
economy-6779	140	5	,	,	PUNCT
economy-6779	140	6	adeniji	adeniji	PROPN
economy-6779	140	7	et	et	PROPN
economy-6779	140	8	al	al	PROPN
economy-6779	140	9	.	.	PROPN
economy-6779	141	1	(	(	PUNCT
economy-6779	141	2	2018	2018	NUM
economy-6779	141	3	)	)	PUNCT
economy-6779	141	4	applied	apply	VERB
economy-6779	141	5	an	an	DET
economy-6779	141	6	empirical	empirical	ADJ
economy-6779	141	7	analysis	analysis	NOUN
economy-6779	141	8	on	on	ADP
economy-6779	141	9	the	the	DET
economy-6779	141	10	impact	impact	NOUN
economy-6779	141	11	of	of	ADP
economy-6779	141	12	monetary	monetary	ADJ
economy-6779	141	13	policy	policy	NOUN
economy-6779	141	14	shocks	shock	NOUN
economy-6779	141	15	on	on	ADP
economy-6779	141	16	stock	stock	NOUN
economy-6779	141	17	market	market	NOUN
economy-6779	141	18	price	price	NOUN
economy-6779	141	19	volatility	volatility	NOUN
economy-6779	141	20	in	in	ADP
economy-6779	141	21	nigeria	nigeria	PROPN
economy-6779	141	22	using	use	VERB
economy-6779	141	23	time	time	NOUN
economy-6779	141	24	series	series	PROPN
economy-6779	141	25	data	data	PROPN
economy-6779	141	26	from	from	ADP
economy-6779	141	27	june	june	PROPN
economy-6779	141	28	1999	1999	NUM
economy-6779	141	29	to	to	ADP
economy-6779	141	30	december	december	PROPN
economy-6779	141	31	2016	2016	NUM
economy-6779	141	32	.	.	PUNCT
economy-6779	142	1	two	two	NUM
economy-6779	142	2	quantitative	quantitative	ADJ
economy-6779	142	3	methods	method	NOUN
economy-6779	142	4	were	be	AUX
economy-6779	142	5	used	use	VERB
economy-6779	142	6	in	in	ADP
economy-6779	142	7	the	the	DET
economy-6779	142	8	analysis	analysis	NOUN
economy-6779	142	9	,	,	PUNCT
economy-6779	142	10	the	the	DET
economy-6779	142	11	autoregressive	autoregressive	ADJ
economy-6779	142	12	distributed	distribute	VERB
economy-6779	142	13	lag	lag	NOUN
economy-6779	142	14	(	(	PUNCT
economy-6779	142	15	ardl	ardl	NOUN
economy-6779	142	16	)	)	PUNCT
economy-6779	142	17	model	model	NOUN
economy-6779	142	18	and	and	CCONJ
economy-6779	142	19	the	the	DET
economy-6779	142	20	exponential	exponential	ADJ
economy-6779	142	21	generalized	generalize	VERB
economy-6779	142	22	conditional	conditional	ADJ
economy-6779	142	23	heteroscedasticity	heteroscedasticity	NOUN
economy-6779	142	24	(	(	PUNCT
economy-6779	142	25	egarch	egarch	NOUN
economy-6779	142	26	)	)	PUNCT
economy-6779	142	27	model	model	NOUN
economy-6779	142	28	.	.	PUNCT
economy-6779	143	1	the	the	DET
economy-6779	143	2	study	study	NOUN
economy-6779	143	3	discovered	discover	VERB
economy-6779	143	4	that	that	SCONJ
economy-6779	143	5	monetary	monetary	ADJ
economy-6779	143	6	policy	policy	NOUN
economy-6779	143	7	shocks	shock	NOUN
economy-6779	143	8	affect	affect	VERB
economy-6779	143	9	stock	stock	NOUN
economy-6779	143	10	market	market	NOUN
economy-6779	143	11	price	price	NOUN
economy-6779	143	12	thereafter	thereafter	ADV
economy-6779	143	13	experiencing	experience	VERB
economy-6779	143	14	increased	increase	VERB
economy-6779	143	15	volatility	volatility	NOUN
economy-6779	143	16	in	in	ADP
economy-6779	143	17	nigeria	nigeria	PROPN
economy-6779	143	18	.	.	PUNCT
economy-6779	144	1	however	however	ADV
economy-6779	144	2	,	,	PUNCT
economy-6779	144	3	among	among	ADP
economy-6779	144	4	the	the	DET
economy-6779	144	5	set	set	NOUN
economy-6779	144	6	of	of	ADP
economy-6779	144	7	monetary	monetary	ADJ
economy-6779	144	8	policy	policy	NOUN
economy-6779	144	9	indicators	indicator	NOUN
economy-6779	144	10	,	,	PUNCT
economy-6779	144	11	interest	interest	NOUN
economy-6779	144	12	rate	rate	NOUN
economy-6779	144	13	on	on	ADP
economy-6779	144	14	its	its	PRON
economy-6779	144	15	own	own	ADJ
economy-6779	144	16	was	be	AUX
economy-6779	144	17	significant	significant	ADJ
economy-6779	144	18	at	at	ADP
economy-6779	144	19	both	both	CCONJ
economy-6779	144	20	the	the	DET
economy-6779	144	21	short	short	ADJ
economy-6779	144	22	and	and	CCONJ
economy-6779	144	23	long	long	ADJ
economy-6779	144	24	run	run	NOUN
economy-6779	144	25	in	in	ADP
economy-6779	144	26	trying	try	VERB
economy-6779	144	27	to	to	PART
economy-6779	144	28	explain	explain	VERB
economy-6779	144	29	the	the	DET
economy-6779	144	30	variability	variability	NOUN
economy-6779	144	31	of	of	ADP
economy-6779	144	32	the	the	DET
economy-6779	144	33	stock	stock	NOUN
economy-6779	144	34	market	market	NOUN
economy-6779	144	35	prices	price	NOUN
economy-6779	144	36	,	,	PUNCT
economy-6779	144	37	while	while	SCONJ
economy-6779	144	38	m1	m1	PROPN
economy-6779	144	39	was	be	AUX
economy-6779	144	40	only	only	ADV
economy-6779	144	41	significant	significant	ADJ
economy-6779	144	42	in	in	ADP
economy-6779	144	43	the	the	DET
economy-6779	144	44	short	short	ADJ
economy-6779	144	45	run	run	NOUN
economy-6779	144	46	only	only	ADV
economy-6779	144	47	.	.	PUNCT
economy-6779	145	1	osakwe	osakwe	NOUN
economy-6779	145	2	and	and	CCONJ
economy-6779	145	3	chukwunulu	chukwunulu	VERB
economy-6779	145	4	(	(	PUNCT
economy-6779	145	5	2019	2019	NUM
economy-6779	145	6	)	)	PUNCT
economy-6779	145	7	analyzed	analyze	VERB
economy-6779	145	8	the	the	DET
economy-6779	145	9	relationship	relationship	NOUN
economy-6779	145	10	between	between	ADP
economy-6779	145	11	monetary	monetary	ADJ
economy-6779	145	12	policy	policy	NOUN
economy-6779	145	13	and	and	CCONJ
economy-6779	145	14	stock	stock	NOUN
economy-6779	145	15	market	market	NOUN
economy-6779	145	16	performance	performance	NOUN
economy-6779	145	17	in	in	ADP
economy-6779	145	18	nigeria	nigeria	PROPN
economy-6779	145	19	for	for	ADP
economy-6779	145	20	the	the	DET
economy-6779	145	21	period	period	NOUN
economy-6779	145	22	of	of	ADP
economy-6779	145	23	1986	1986	NUM
economy-6779	145	24	to	to	ADP
economy-6779	145	25	2015	2015	NUM
economy-6779	145	26	using	use	VERB
economy-6779	145	27	ols	ol	NOUN
economy-6779	145	28	regression	regression	NOUN
economy-6779	145	29	analysis	analysis	NOUN
economy-6779	145	30	.	.	PUNCT
economy-6779	146	1	consequently	consequently	ADV
economy-6779	146	2	,	,	PUNCT
economy-6779	146	3	the	the	DET
economy-6779	146	4	findings	finding	NOUN
economy-6779	146	5	revealed	reveal	VERB
economy-6779	146	6	that	that	SCONJ
economy-6779	146	7	money	money	NOUN
economy-6779	146	8	supply	supply	NOUN
economy-6779	146	9	and	and	CCONJ
economy-6779	146	10	exchange	exchange	NOUN
economy-6779	146	11	rate	rate	NOUN
economy-6779	146	12	positively	positively	ADV
economy-6779	146	13	influenced	influence	VERB
economy-6779	146	14	stock	stock	NOUN
economy-6779	146	15	price	price	NOUN
economy-6779	146	16	movements	movement	NOUN
economy-6779	146	17	and	and	CCONJ
economy-6779	146	18	were	be	AUX
economy-6779	146	19	respectively	respectively	ADV
economy-6779	146	20	highly	highly	ADV
economy-6779	146	21	significant	significant	ADJ
economy-6779	146	22	,	,	PUNCT
economy-6779	146	23	but	but	CCONJ
economy-6779	146	24	interest	interest	NOUN
economy-6779	146	25	rate	rate	NOUN
economy-6779	146	26	was	be	AUX
economy-6779	146	27	insignificantly	insignificantly	ADV
economy-6779	146	28	negative	negative	ADJ
economy-6779	146	29	.	.	PUNCT
economy-6779	147	1	in	in	ADP
economy-6779	147	2	all	all	PRON
economy-6779	147	3	,	,	PUNCT
economy-6779	147	4	it	it	PRON
economy-6779	147	5	emerges	emerge	VERB
economy-6779	147	6	that	that	SCONJ
economy-6779	147	7	variables	variable	NOUN
economy-6779	147	8	of	of	ADP
economy-6779	147	9	monetary	monetary	ADJ
economy-6779	147	10	policy	policy	NOUN
economy-6779	147	11	explain	explain	VERB
economy-6779	147	12	94	94	NUM
economy-6779	147	13	percent	percent	NOUN
economy-6779	147	14	of	of	ADP
economy-6779	147	15	the	the	DET
economy-6779	147	16	fluctuations	fluctuation	NOUN
economy-6779	147	17	of	of	ADP
economy-6779	147	18	stock	stock	NOUN
economy-6779	147	19	market	market	NOUN
economy-6779	147	20	performance	performance	NOUN
economy-6779	147	21	in	in	ADP
economy-6779	147	22	nigeria	nigeria	PROPN
economy-6779	147	23	.	.	PUNCT
economy-6779	148	1	in	in	ADP
economy-6779	148	2	particular	particular	ADJ
economy-6779	148	3	,	,	PUNCT
economy-6779	148	4	aliyu	aliyu	NOUN
economy-6779	148	5	(	(	PUNCT
economy-6779	148	6	2021	2021	NUM
economy-6779	148	7	)	)	PUNCT
economy-6779	148	8	noted	note	VERB
economy-6779	148	9	that	that	SCONJ
economy-6779	148	10	monetary	monetary	ADJ
economy-6779	148	11	policy	policy	NOUN
economy-6779	148	12	can	can	AUX
economy-6779	148	13	be	be	AUX
economy-6779	148	14	used	use	VERB
economy-6779	148	15	to	to	PART
economy-6779	148	16	control	control	VERB
economy-6779	148	17	stock	stock	NOUN
economy-6779	148	18	market	market	NOUN
economy-6779	148	19	operations	operation	NOUN
economy-6779	148	20	,	,	PUNCT
economy-6779	148	21	his	his	PRON
economy-6779	148	22	present	present	ADJ
economy-6779	148	23	work	work	NOUN
economy-6779	148	24	proved	prove	VERB
economy-6779	148	25	that	that	SCONJ
economy-6779	148	26	it	it	PRON
economy-6779	148	27	has	have	VERB
economy-6779	148	28	a	a	DET
economy-6779	148	29	significant	significant	ADJ
economy-6779	148	30	positive	positive	ADJ
economy-6779	148	31	impact	impact	NOUN
economy-6779	148	32	on	on	ADP
economy-6779	148	33	stock	stock	NOUN
economy-6779	148	34	market	market	NOUN
economy-6779	148	35	performance	performance	NOUN
economy-6779	148	36	.	.	PUNCT
economy-6779	149	1	from	from	ADP
economy-6779	149	2	the	the	DET
economy-6779	149	3	literatures	literature	NOUN
economy-6779	149	4	reviewed	review	VERB
economy-6779	149	5	,	,	PUNCT
economy-6779	149	6	it	it	PRON
economy-6779	149	7	can	can	AUX
economy-6779	149	8	be	be	AUX
economy-6779	149	9	deduced	deduce	VERB
economy-6779	149	10	that	that	SCONJ
economy-6779	149	11	most	most	ADJ
economy-6779	149	12	studies	study	NOUN
economy-6779	149	13	on	on	ADP
economy-6779	149	14	financial	financial	ADJ
economy-6779	149	15	market	market	NOUN
economy-6779	149	16	in	in	ADP
economy-6779	149	17	nigeria	nigeria	PROPN
economy-6779	149	18	were	be	AUX
economy-6779	149	19	confined	confine	VERB
economy-6779	149	20	mainly	mainly	ADV
economy-6779	149	21	to	to	ADP
economy-6779	149	22	the	the	DET
economy-6779	149	23	stock	stock	NOUN
economy-6779	149	24	market	market	NOUN
economy-6779	149	25	segment	segment	NOUN
economy-6779	149	26	of	of	ADP
economy-6779	149	27	the	the	DET
economy-6779	149	28	financial	financial	ADJ
economy-6779	149	29	market	market	NOUN
economy-6779	149	30	and	and	CCONJ
economy-6779	149	31	the	the	DET
economy-6779	149	32	methodologies	methodology	NOUN
economy-6779	149	33	which	which	PRON
economy-6779	149	34	were	be	AUX
economy-6779	149	35	employed	employ	VERB
economy-6779	149	36	were	be	AUX
economy-6779	149	37	primarily	primarily	ADV
economy-6779	149	38	var	var	NOUN
economy-6779	149	39	,	,	PUNCT
economy-6779	149	40	ols	ol	NOUN
economy-6779	149	41	and	and	CCONJ
economy-6779	149	42	vecm	vecm	NOUN
economy-6779	149	43	.	.	PUNCT
economy-6779	150	1	a	a	DET
economy-6779	150	2	major	major	ADJ
economy-6779	150	3	weakness	weakness	NOUN
economy-6779	150	4	observed	observe	VERB
economy-6779	150	5	concerning	concern	VERB
economy-6779	150	6	the	the	DET
economy-6779	150	7	previous	previous	ADJ
economy-6779	150	8	studies	study	NOUN
economy-6779	150	9	is	be	AUX
economy-6779	150	10	that	that	SCONJ
economy-6779	150	11	annual	annual	ADJ
economy-6779	150	12	data	datum	NOUN
economy-6779	150	13	were	be	AUX
economy-6779	150	14	employed	employ	VERB
economy-6779	150	15	except	except	SCONJ
economy-6779	150	16	for	for	ADP
economy-6779	150	17	some	some	PRON
economy-6779	150	18	of	of	ADP
economy-6779	150	19	them	they	PRON
economy-6779	150	20	.	.	PUNCT
economy-6779	151	1	however	however	ADV
economy-6779	151	2	,	,	PUNCT
economy-6779	151	3	this	this	DET
economy-6779	151	4	study	study	NOUN
economy-6779	151	5	has	have	AUX
economy-6779	151	6	used	use	VERB
economy-6779	151	7	monthly	monthly	ADJ
economy-6779	151	8	and	and	CCONJ
economy-6779	151	9	quarterly	quarterly	ADJ
economy-6779	151	10	data	datum	NOUN
economy-6779	151	11	.	.	PUNCT
economy-6779	152	1	again	again	ADV
economy-6779	152	2	,	,	PUNCT
economy-6779	152	3	the	the	DET
economy-6779	152	4	bulk	bulk	NOUN
economy-6779	152	5	of	of	ADP
economy-6779	152	6	the	the	DET
economy-6779	152	7	studies	study	NOUN
economy-6779	152	8	utilized	utilize	VERB
economy-6779	152	9	the	the	DET
economy-6779	152	10	stock	stock	NOUN
economy-6779	152	11	market	market	NOUN
economy-6779	152	12	as	as	ADP
economy-6779	152	13	the	the	DET
economy-6779	152	14	representation	representation	NOUN
economy-6779	152	15	of	of	ADP
economy-6779	152	16	the	the	DET
economy-6779	152	17	overall	overall	ADJ
economy-6779	152	18	financial	financial	ADJ
economy-6779	152	19	market	market	NOUN
economy-6779	152	20	neglecting	neglect	VERB
economy-6779	152	21	the	the	DET
economy-6779	152	22	rest	rest	NOUN
economy-6779	152	23	of	of	ADP
economy-6779	152	24	the	the	DET
economy-6779	152	25	market	market	NOUN
economy-6779	152	26	segments	segment	NOUN
economy-6779	152	27	.	.	PUNCT
economy-6779	153	1	among	among	ADP
economy-6779	153	2	all	all	PRON
economy-6779	153	3	but	but	SCONJ
economy-6779	153	4	one	one	NUM
economy-6779	153	5	or	or	CCONJ
economy-6779	153	6	two	two	NUM
economy-6779	153	7	of	of	ADP
economy-6779	153	8	the	the	DET
economy-6779	153	9	literatures	literature	NOUN
economy-6779	153	10	scrutinized	scrutinize	VERB
economy-6779	153	11	in	in	ADP
economy-6779	153	12	this	this	DET
economy-6779	153	13	section	section	NOUN
economy-6779	153	14	,	,	PUNCT
economy-6779	153	15	only	only	ADV
economy-6779	153	16	two	two	NUM
economy-6779	153	17	incorporate	incorporate	VERB
economy-6779	153	18	the	the	DET
economy-6779	153	19	usage	usage	NOUN
economy-6779	153	20	of	of	ADP
economy-6779	153	21	ms	ms	PROPN
economy-6779	153	22	var	var	PROPN
economy-6779	153	23	.	.	PUNCT
economy-6779	154	1	economy	economy	NOUN
economy-6779	154	2	,	,	PUNCT
economy-6779	154	3	2025	2025	NUM
economy-6779	154	4	,	,	PUNCT
economy-6779	154	5	12(2	12(2	NUM
economy-6779	154	6	):	):	PUNCT
economy-6779	154	7	40	40	NUM
economy-6779	154	8	-	-	SYM
economy-6779	154	9	50	50	NUM
economy-6779	154	10	44	44	NUM
economy-6779	154	11	©	©	ADP
economy-6779	154	12	2025	2025	NUM
economy-6779	154	13	by	by	ADP
economy-6779	154	14	the	the	DET
economy-6779	154	15	authors	author	NOUN
economy-6779	154	16	;	;	PUNCT
economy-6779	154	17	licensee	licensee	PROPN
economy-6779	154	18	asian	asian	ADJ
economy-6779	154	19	online	online	PROPN
economy-6779	154	20	journal	journal	PROPN
economy-6779	154	21	publishing	publishing	NOUN
economy-6779	154	22	group	group	PROPN
economy-6779	154	23	3	3	NUM
economy-6779	154	24	.	.	PUNCT
economy-6779	154	25	methodology	methodology	PROPN
economy-6779	154	26	hamilton	hamilton	PROPN
economy-6779	154	27	(	(	PUNCT
economy-6779	154	28	1989	1989	NUM
economy-6779	154	29	)	)	PUNCT
economy-6779	154	30	markov	markov	NOUN
economy-6779	154	31	-	-	PUNCT
economy-6779	154	32	switching	switch	VERB
economy-6779	154	33	(	(	PUNCT
economy-6779	154	34	ms	ms	NOUN
economy-6779	154	35	)	)	PUNCT
economy-6779	154	36	autoregressive	autoregressive	ADJ
economy-6779	154	37	models	model	NOUN
economy-6779	154	38	have	have	AUX
economy-6779	154	39	become	become	AUX
economy-6779	154	40	widely	widely	ADV
economy-6779	154	41	recognized	recognize	VERB
economy-6779	154	42	as	as	ADP
economy-6779	154	43	an	an	DET
economy-6779	154	44	effective	effective	ADJ
economy-6779	154	45	alternative	alternative	NOUN
economy-6779	154	46	for	for	ADP
economy-6779	154	47	representing	represent	VERB
economy-6779	154	48	key	key	ADJ
economy-6779	154	49	features	feature	NOUN
economy-6779	154	50	of	of	ADP
economy-6779	154	51	the	the	DET
economy-6779	154	52	business	business	NOUN
economy-6779	154	53	cycle	cycle	NOUN
economy-6779	154	54	.	.	PUNCT
economy-6779	155	1	consequently	consequently	ADV
economy-6779	155	2	,	,	PUNCT
economy-6779	155	3	a	a	DET
economy-6779	155	4	growing	grow	VERB
economy-6779	155	5	number	number	NOUN
economy-6779	155	6	of	of	ADP
economy-6779	155	7	empirical	empirical	ADJ
economy-6779	155	8	studies	study	NOUN
economy-6779	155	9	have	have	AUX
economy-6779	155	10	adopted	adopt	VERB
economy-6779	155	11	regime	regime	NOUN
economy-6779	155	12	-	-	PUNCT
economy-6779	155	13	switching	switch	VERB
economy-6779	155	14	models	model	NOUN
economy-6779	155	15	to	to	PART
economy-6779	155	16	capture	capture	VERB
economy-6779	155	17	the	the	DET
economy-6779	155	18	nonlinearities	nonlinearitie	NOUN
economy-6779	155	19	and	and	CCONJ
economy-6779	155	20	asymmetries	asymmetry	NOUN
economy-6779	155	21	observed	observe	VERB
economy-6779	155	22	in	in	ADP
economy-6779	155	23	various	various	ADJ
economy-6779	155	24	macroeconomic	macroeconomic	ADJ
economy-6779	155	25	variables	variable	NOUN
economy-6779	155	26	(	(	PUNCT
economy-6779	155	27	boldin	boldin	NOUN
economy-6779	155	28	,	,	PUNCT
economy-6779	155	29	1996	1996	NUM
economy-6779	155	30	;	;	PUNCT
economy-6779	155	31	garcia	garcia	PROPN
economy-6779	155	32	&	&	CCONJ
economy-6779	155	33	perron	perron	PROPN
economy-6779	155	34	,	,	PUNCT
economy-6779	155	35	1996	1996	NUM
economy-6779	155	36	;	;	PUNCT
economy-6779	155	37	kim	kim	PROPN
economy-6779	155	38	,	,	PUNCT
economy-6779	155	39	nelson	nelson	PROPN
economy-6779	155	40	,	,	PUNCT
economy-6779	155	41	&	&	CCONJ
economy-6779	155	42	startz	startz	PROPN
economy-6779	155	43	,	,	PUNCT
economy-6779	155	44	1998	1998	NUM
economy-6779	155	45	;	;	PUNCT
economy-6779	155	46	krolzig	krolzig	PROPN
economy-6779	155	47	,	,	PUNCT
economy-6779	155	48	1996	1996	NUM
economy-6779	155	49	;	;	PUNCT
economy-6779	155	50	krolzig	krolzig	PROPN
economy-6779	155	51	&	&	CCONJ
economy-6779	155	52	toro	toro	PROPN
economy-6779	155	53	,	,	PUNCT
economy-6779	155	54	2001).the	2001).the	DET
economy-6779	155	55	basic	basic	ADJ
economy-6779	155	56	specification	specification	NOUN
economy-6779	155	57	of	of	ADP
economy-6779	155	58	the	the	DET
economy-6779	155	59	markov	markov	NOUN
economy-6779	155	60	switching	switch	VERB
economy-6779	155	61	model	model	NOUN
economy-6779	155	62	assumes	assume	VERB
economy-6779	155	63	that	that	SCONJ
economy-6779	155	64	deviations	deviation	NOUN
economy-6779	155	65	of	of	ADP
economy-6779	155	66	dependent	dependent	ADJ
economy-6779	155	67	variable	variable	NOUN
economy-6779	155	68	from	from	ADP
economy-6779	155	69	its	its	PRON
economy-6779	155	70	mean	mean	NOUN
economy-6779	155	71	follow	follow	VERB
economy-6779	155	72	a	a	DET
economy-6779	155	73	p	p	NOUN
economy-6779	155	74	-	-	PUNCT
economy-6779	155	75	th	th	VERB
economy-6779	155	76	order	order	NOUN
economy-6779	155	77	autoregressive	autoregressive	ADJ
economy-6779	155	78	process	process	NOUN
economy-6779	155	79	:	:	PUNCT
economy-6779	155	80	∆𝑦𝑡	∆𝑦𝑡	VERB
economy-6779	155	81	−	−	NOUN
economy-6779	155	82			NOUN
economy-6779	155	83	(	(	PUNCT
economy-6779	155	84	𝑠𝑡	𝑠𝑡	NUM
economy-6779	155	85	)	)	PUNCT
economy-6779	155	86	=	=	SYM
economy-6779	155	87	1	1	PROPN
economy-6779	155	88	(	(	PUNCT
economy-6779	155	89	∆𝑦𝑡−1	∆𝑦𝑡−1	PROPN
economy-6779	155	90	−	−	NOUN
economy-6779	155	91			NOUN
economy-6779	155	92	(	(	PUNCT
economy-6779	155	93	𝑠𝑡−1	𝑠𝑡−1	ADJ
economy-6779	155	94	)	)	PUNCT
economy-6779	155	95	)	)	PUNCT
economy-6779	156	1	+	+	PROPN
economy-6779	156	2	.	.	PUNCT
economy-6779	156	3	.	.	PUNCT
economy-6779	156	4	.	.	PUNCT
economy-6779	157	1	,	,	PUNCT
economy-6779	157	2	2(∆𝑦𝑡−𝑝	2(∆𝑦𝑡−𝑝	NUM
economy-6779	157	3	−	−	NOUN
economy-6779	157	4			NOUN
economy-6779	157	5	(	(	PUNCT
economy-6779	157	6	𝑠𝑡−𝑝	𝑠𝑡−𝑝	NOUN
economy-6779	157	7	)	)	PUNCT
economy-6779	157	8	)	)	PUNCT
economy-6779	158	1	+	+	CCONJ
economy-6779	158	2	𝜀𝑡	𝜀𝑡	NOUN
economy-6779	158	3	(	(	PUNCT
economy-6779	158	4	4	4	NUM
economy-6779	158	5	)	)	PUNCT
economy-6779	158	6	the	the	DET
economy-6779	158	7	errors	error	NOUN
economy-6779	158	8	,	,	PUNCT
economy-6779	158	9	et	et	PROPN
economy-6779	158	10	are	be	AUX
economy-6779	158	11	assumed	assume	VERB
economy-6779	158	12	to	to	PART
economy-6779	158	13	be	be	AUX
economy-6779	158	14	independently	independently	ADV
economy-6779	158	15	and	and	CCONJ
economy-6779	158	16	identically	identically	ADV
economy-6779	158	17	distributed	distribute	VERB
economy-6779	158	18	(	(	PUNCT
economy-6779	158	19	ii	ii	NOUN
economy-6779	158	20	)	)	PUNCT
economy-6779	158	21	with	with	ADP
economy-6779	158	22	a	a	DET
economy-6779	158	23	mean	mean	NOUN
economy-6779	158	24	of	of	ADP
economy-6779	158	25	zero	zero	NUM
economy-6779	158	26	and	and	CCONJ
economy-6779	158	27	a	a	DET
economy-6779	158	28	constant	constant	ADJ
economy-6779	158	29	variance	variance	NOUN
economy-6779	158	30	of	of	ADP
economy-6779	158	31	σ2	σ2	PROPN
economy-6779	158	32	while	while	SCONJ
economy-6779	158	33	the	the	DET
economy-6779	158	34	process	process	NOUN
economy-6779	158	35	mean	mean	VERB
economy-6779	158	36	,	,	PUNCT
economy-6779	158	37	μ	μ	PROPN
economy-6779	158	38	is	be	AUX
economy-6779	158	39	influenced	influence	VERB
economy-6779	158	40	by	by	ADP
economy-6779	158	41	a	a	DET
economy-6779	158	42	latent	latent	NOUN
economy-6779	158	43	variable	variable	NOUN
economy-6779	158	44	,	,	PUNCT
economy-6779	158	45	st	st	PROPN
economy-6779	158	46	.	.	PROPN
economy-6779	158	47	this	this	DET
economy-6779	158	48	relationship	relationship	NOUN
economy-6779	158	49	suggests	suggest	VERB
economy-6779	158	50	that	that	SCONJ
economy-6779	158	51	different	different	ADJ
economy-6779	158	52	regimes	regime	NOUN
economy-6779	158	53	correspond	correspond	VERB
economy-6779	158	54	to	to	ADP
economy-6779	158	55	distinct	distinct	VERB
economy-6779	158	56	conditional	conditional	ADJ
economy-6779	158	57	distributions	distribution	NOUN
economy-6779	158	58	of	of	ADP
economy-6779	158	59	yt	yt	ADP
economy-6779	158	60	the	the	DET
economy-6779	158	61	latent	latent	NOUN
economy-6779	158	62	variable	variable	NOUN
economy-6779	158	63	strepresents	strepresent	VERB
economy-6779	158	64	the	the	DET
economy-6779	158	65	state	state	NOUN
economy-6779	158	66	of	of	ADP
economy-6779	158	67	the	the	DET
economy-6779	158	68	business	business	NOUN
economy-6779	158	69	cycle	cycle	NOUN
economy-6779	158	70	,	,	PUNCT
economy-6779	158	71	distinguishing	distinguish	VERB
economy-6779	158	72	between	between	ADP
economy-6779	158	73	two	two	NUM
economy-6779	158	74	regimes	regime	NOUN
economy-6779	158	75	:	:	PUNCT
economy-6779	158	76	"	"	PUNCT
economy-6779	158	77	expansion	expansion	NOUN
economy-6779	158	78	"	"	PUNCT
economy-6779	158	79	and	and	CCONJ
economy-6779	158	80	"	"	PUNCT
economy-6779	158	81	contraction	contraction	NOUN
economy-6779	158	82	.	.	PUNCT
economy-6779	158	83	"	"	PUNCT
economy-6779	159	1	the	the	DET
economy-6779	159	2	autoregressive	autoregressive	ADJ
economy-6779	159	3	parameters	parameter	NOUN
economy-6779	159	4	in	in	ADP
economy-6779	159	5	model	model	NOUN
economy-6779	159	6	(	(	PUNCT
economy-6779	159	7	3.1	3.1	NUM
economy-6779	159	8	)	)	PUNCT
economy-6779	159	9	can	can	AUX
economy-6779	159	10	vary	vary	VERB
economy-6779	159	11	depending	depend	VERB
economy-6779	159	12	on	on	ADP
economy-6779	159	13	the	the	DET
economy-6779	159	14	state	state	NOUN
economy-6779	159	15	st	st	PROPN
economy-6779	159	16	within	within	ADP
economy-6779	159	17	the	the	DET
economy-6779	159	18	markov	markov	NOUN
economy-6779	159	19	chain	chain	NOUN
economy-6779	159	20	.	.	PUNCT
economy-6779	160	1	∆𝑦𝑡	∆𝑦𝑡	PROPN
economy-6779	161	1	−	−	PROPN
economy-6779	161	2	𝑐	𝑐	PROPN
economy-6779	161	3	(	(	PUNCT
economy-6779	161	4	𝑠𝑡	𝑠𝑡	PROPN
economy-6779	161	5	)	)	PUNCT
economy-6779	161	6	=	=	SYM
economy-6779	161	7	1(𝑠𝑡	1(𝑠𝑡	X
economy-6779	161	8	)	)	PUNCT
economy-6779	161	9	∆𝑦𝑡−1	∆𝑦𝑡−1	PROPN
economy-6779	161	10	+	+	PROPN
economy-6779	161	11	.	.	PUNCT
economy-6779	161	12	.	.	PUNCT
economy-6779	161	13	.	.	PUNCT
economy-6779	162	1	+	+	PUNCT
economy-6779	162	2	𝑝(𝑠𝑡	𝑝(𝑠𝑡	NOUN
economy-6779	162	3	)	)	PUNCT
economy-6779	163	1	+	+	CCONJ
economy-6779	163	2	𝜀𝑡	𝜀𝑡	NOUN
economy-6779	163	3	(	(	PUNCT
economy-6779	163	4	5	5	NUM
economy-6779	163	5	)	)	PUNCT
economy-6779	163	6	if	if	SCONJ
economy-6779	163	7	st	st	PROPN
economy-6779	163	8	can	can	AUX
economy-6779	163	9	assume	assume	VERB
economy-6779	163	10	one	one	NUM
economy-6779	163	11	of	of	ADP
economy-6779	163	12	m	m	VERB
economy-6779	163	13	distinct	distinct	ADJ
economy-6779	163	14	values	value	NOUN
economy-6779	163	15	represented	represent	VERB
economy-6779	163	16	by	by	ADP
economy-6779	163	17	the	the	DET
economy-6779	163	18	integers	integer	NOUN
economy-6779	163	19	1	1	NUM
economy-6779	163	20	through	through	ADP
economy-6779	163	21	m	m	PROPN
economy-6779	163	22	,	,	PUNCT
economy-6779	163	23	equation	equation	NOUN
economy-6779	163	24	5	5	NUM
economy-6779	163	25	illustrates	illustrate	VERB
economy-6779	163	26	a	a	DET
economy-6779	163	27	mixture	mixture	NOUN
economy-6779	163	28	of	of	ADP
economy-6779	163	29	m	m	NOUN
economy-6779	163	30	autoregressive	autoregressive	ADJ
economy-6779	163	31	models	model	NOUN
economy-6779	163	32	.	.	PUNCT
economy-6779	164	1	in	in	ADP
economy-6779	164	2	the	the	DET
economy-6779	164	3	case	case	NOUN
economy-6779	164	4	of	of	ADP
economy-6779	164	5	two	two	NUM
economy-6779	164	6	regimes	regime	NOUN
economy-6779	164	7	,	,	PUNCT
economy-6779	164	8	model	model	NOUN
economy-6779	164	9	3.1	3.1	NUM
economy-6779	164	10	characterizes	characterize	VERB
economy-6779	164	11	a	a	DET
economy-6779	164	12	"	"	PUNCT
economy-6779	164	13	falling	fall	VERB
economy-6779	164	14	"	"	PUNCT
economy-6779	164	15	state	state	NOUN
economy-6779	164	16	when	when	SCONJ
economy-6779	164	17	st	st	PROPN
economy-6779	164	18	=	=	PROPN
economy-6779	164	19	1	1	NUM
economy-6779	164	20	and	and	CCONJ
economy-6779	164	21	a	a	DET
economy-6779	164	22	"	"	PUNCT
economy-6779	164	23	rising	rise	VERB
economy-6779	164	24	"	"	PUNCT
economy-6779	164	25	state	state	NOUN
economy-6779	164	26	when	when	SCONJ
economy-6779	164	27	st	st	PROPN
economy-6779	164	28	=	=	PROPN
economy-6779	164	29	2	2	NUM
economy-6779	164	30	for	for	ADP
economy-6779	164	31	the	the	DET
economy-6779	164	32	yt	yt	PROPN
economy-6779	164	33	variable	variable	NOUN
economy-6779	164	34	.	.	PUNCT
economy-6779	165	1	regime	regime	NOUN
economy-6779	165	2	1	1	NUM
economy-6779	165	3	is	be	AUX
economy-6779	165	4	categorized	categorize	VERB
economy-6779	165	5	as	as	ADP
economy-6779	165	6	an	an	DET
economy-6779	165	7	economy	economy	NOUN
economy-6779	165	8	in	in	ADP
economy-6779	165	9	recession	recession	NOUN
economy-6779	165	10	and	and	CCONJ
economy-6779	165	11	can	can	AUX
economy-6779	165	12	be	be	AUX
economy-6779	165	13	represented	represent	VERB
economy-6779	165	14	as	as	SCONJ
economy-6779	165	15	follows	follow	VERB
economy-6779	165	16	:	:	PUNCT
economy-6779	165	17	∆𝑦𝑡	∆𝑦𝑡	ADJ
economy-6779	166	1	−	−	ADP
economy-6779	166	2	𝑐1	𝑐1	NOUN
economy-6779	166	3	(	(	PUNCT
economy-6779	166	4	𝑠𝑡	𝑠𝑡	PROPN
economy-6779	166	5	)	)	PUNCT
economy-6779	166	6	=	=	PUNCT
economy-6779	166	7	11∆𝑦𝑡−1	11∆𝑦𝑡−1	VERB
economy-6779	166	8	+	+	PROPN
economy-6779	166	9	.	.	PUNCT
economy-6779	166	10	.	.	PUNCT
economy-6779	166	11	.	.	PUNCT
economy-6779	167	1	+	+	NOUN
economy-6779	167	2	𝑝1∆𝑦𝑡−𝑝	𝑝1∆𝑦𝑡−𝑝	ADJ
economy-6779	167	3	+	+	X
economy-6779	167	4	𝜀𝑡	𝜀𝑡	NOUN
economy-6779	167	5	(	(	PUNCT
economy-6779	167	6	6	6	NUM
economy-6779	167	7	)	)	PUNCT
economy-6779	167	8	regime	regime	NOUN
economy-6779	167	9	2	2	NUM
economy-6779	167	10	is	be	AUX
economy-6779	167	11	classified	classify	VERB
economy-6779	167	12	as	as	ADP
economy-6779	167	13	an	an	DET
economy-6779	167	14	economy	economy	NOUN
economy-6779	167	15	in	in	ADP
economy-6779	167	16	expansion	expansion	NOUN
economy-6779	167	17	and	and	CCONJ
economy-6779	167	18	can	can	AUX
economy-6779	167	19	be	be	AUX
economy-6779	167	20	represented	represent	VERB
economy-6779	167	21	as	as	ADP
economy-6779	167	22	:	:	PUNCT
economy-6779	167	23	∆𝑦𝑡	∆𝑦𝑡	ADJ
economy-6779	168	1	−	−	ADP
economy-6779	168	2	𝑐2	𝑐2	NOUN
economy-6779	168	3	(	(	PUNCT
economy-6779	168	4	𝑠𝑡	𝑠𝑡	PROPN
economy-6779	168	5	)	)	PUNCT
economy-6779	168	6	=	=	VERB
economy-6779	168	7	12∆𝑦𝑡−1	12∆𝑦𝑡−1	PROPN
economy-6779	169	1	+	+	PROPN
economy-6779	169	2	.	.	PUNCT
economy-6779	169	3	.	.	PUNCT
economy-6779	169	4	.	.	PUNCT
economy-6779	170	1	+	+	ADV
economy-6779	170	2	𝑝2∆𝑦𝑡−𝑝	𝑝2∆𝑦𝑡−𝑝	X
economy-6779	170	3	+	+	X
economy-6779	170	4	𝜀𝑡	𝜀𝑡	NOUN
economy-6779	170	5	(	(	PUNCT
economy-6779	170	6	7	7	NUM
economy-6779	170	7	)	)	PUNCT
economy-6779	170	8	the	the	DET
economy-6779	170	9	latter	latter	ADJ
economy-6779	170	10	process	process	NOUN
economy-6779	170	11	is	be	AUX
economy-6779	170	12	an	an	DET
economy-6779	170	13	ergodic	ergodic	ADJ
economy-6779	170	14	markov	markov	NOUN
economy-6779	170	15	chain	chain	NOUN
economy-6779	170	16	with	with	ADP
economy-6779	170	17	a	a	DET
economy-6779	170	18	finite	finite	ADJ
economy-6779	170	19	number	number	NOUN
economy-6779	170	20	of	of	ADP
economy-6779	170	21	states	state	NOUN
economy-6779	170	22	,	,	PUNCT
economy-6779	170	23	characterized	characterize	VERB
economy-6779	170	24	by	by	ADP
economy-6779	170	25	its	its	PRON
economy-6779	170	26	transition	transition	NOUN
economy-6779	170	27	probabilities	probability	NOUN
economy-6779	170	28	.	.	PUNCT
economy-6779	171	1			NOUN
economy-6779	171	2	𝑖𝑗	𝑖𝑗	X
economy-6779	172	1	=	=	X
economy-6779	172	2			ADP
economy-6779	172	3	𝑟	𝑟	X
economy-6779	172	4	(	(	PUNCT
economy-6779	172	5	𝑠𝑡	𝑠𝑡	PROPN
economy-6779	172	6	=	=	SYM
economy-6779	172	7	𝑗	𝑗	PROPN
economy-6779	172	8	/𝑠𝑡−1	/𝑠𝑡−1	NOUN
economy-6779	172	9	=	=	SYM
economy-6779	172	10	𝑖	𝑖	X
economy-6779	172	11	)	)	PUNCT
economy-6779	172	12	,	,	PUNCT
economy-6779	172	13	∑	∑	PUNCT
economy-6779	172	14	𝑀	𝑀	VERB
economy-6779	172	15	𝑖=𝑗	𝑖=𝑗	PROPN
economy-6779	172	16	𝑖𝑗	𝑖𝑗	NOUN
economy-6779	172	17	=	=	SYM
economy-6779	172	18	1	1	NUM
economy-6779	172	19	(	(	PUNCT
economy-6779	172	20	8)	8)	NUM
economy-6779	172	21	for	for	ADP
economy-6779	172	22	∀ij	∀ij	NOUN
economy-6779	172	23	=	=	SYM
economy-6779	172	24	1	1	NUM
economy-6779	172	25	.	.	PUNCT
economy-6779	172	26	.	.	PUNCT
economy-6779	173	1	,	,	PUNCT
economy-6779	173	2	m	m	X
economy-6779	173	3	,	,	PUNCT
economy-6779	173	4	it	it	PRON
economy-6779	173	5	is	be	AUX
economy-6779	173	6	specifically	specifically	ADV
economy-6779	173	7	assumed	assume	VERB
economy-6779	173	8	that	that	SCONJ
economy-6779	173	9	st	st	PROPN
economy-6779	173	10	follows	follow	VERB
economy-6779	173	11	an	an	DET
economy-6779	173	12	ergodic	ergodic	ADJ
economy-6779	173	13	markov	markov	NOUN
economy-6779	173	14	process	process	NOUN
economy-6779	173	15	with	with	ADP
economy-6779	173	16	m	m	PROPN
economy-6779	173	17	states	state	NOUN
economy-6779	173	18	,	,	PUNCT
economy-6779	173	19	characterized	characterize	VERB
economy-6779	173	20	by	by	ADP
economy-6779	173	21	an	an	DET
economy-6779	173	22	irreducible	irreducible	ADJ
economy-6779	173	23	transition	transition	NOUN
economy-6779	173	24	matrix	matrix	NOUN
economy-6779	173	25	.	.	PUNCT
economy-6779	174	1	however	however	ADV
economy-6779	174	2	,	,	PUNCT
economy-6779	174	3	fixed	fixed	ADJ
economy-6779	174	4	or	or	CCONJ
economy-6779	174	5	constant	constant	ADJ
economy-6779	174	6	transition	transition	NOUN
economy-6779	174	7	probabilities	probability	NOUN
economy-6779	174	8	are	be	AUX
economy-6779	174	9	too	too	ADV
economy-6779	174	10	restrictive	restrictive	ADJ
economy-6779	174	11	to	to	PART
economy-6779	174	12	fully	fully	ADV
economy-6779	174	13	capture	capture	VERB
economy-6779	174	14	stock	stock	NOUN
economy-6779	174	15	market	market	NOUN
economy-6779	174	16	dynamics	dynamic	NOUN
economy-6779	174	17	.	.	PUNCT
economy-6779	175	1	as	as	ADP
economy-6779	175	2	a	a	DET
economy-6779	175	3	result	result	NOUN
economy-6779	175	4	,	,	PUNCT
economy-6779	175	5	an	an	DET
economy-6779	175	6	extension	extension	NOUN
economy-6779	175	7	of	of	ADP
economy-6779	175	8	hamilton	hamilton	PROPN
economy-6779	175	9	(	(	PUNCT
economy-6779	175	10	1989	1989	NUM
economy-6779	175	11	)	)	PUNCT
economy-6779	175	12	model	model	NOUN
economy-6779	175	13	allows	allow	VERB
economy-6779	175	14	for	for	ADP
economy-6779	175	15	time	time	NOUN
economy-6779	175	16	-	-	PUNCT
economy-6779	175	17	varying	vary	VERB
economy-6779	175	18	transition	transition	NOUN
economy-6779	175	19	probabilities	probability	NOUN
economy-6779	175	20	,	,	PUNCT
economy-6779	175	21	as	as	SCONJ
economy-6779	175	22	explored	explore	VERB
economy-6779	175	23	by	by	ADP
economy-6779	175	24	filardo	filardo	PROPN
economy-6779	175	25	(	(	PUNCT
economy-6779	175	26	1994	1994	NUM
economy-6779	175	27	)	)	PUNCT
economy-6779	175	28	and	and	CCONJ
economy-6779	175	29	diebold	diebold	PROPN
economy-6779	175	30	,	,	PUNCT
economy-6779	175	31	hahn	hahn	NOUN
economy-6779	175	32	,	,	PUNCT
economy-6779	175	33	and	and	CCONJ
economy-6779	175	34	tay	tay	NOUN
economy-6779	175	35	(	(	PUNCT
economy-6779	175	36	1999	1999	NUM
economy-6779	175	37	)	)	PUNCT
economy-6779	175	38	.	.	PUNCT
economy-6779	176	1	the	the	DET
economy-6779	176	2	markov	markov	NOUN
economy-6779	176	3	switching	switch	VERB
economy-6779	176	4	model	model	NOUN
economy-6779	176	5	with	with	ADP
economy-6779	176	6	time	time	NOUN
economy-6779	176	7	-	-	PUNCT
economy-6779	176	8	varying	vary	VERB
economy-6779	176	9	transition	transition	NOUN
economy-6779	176	10	probabilities	probability	NOUN
economy-6779	176	11	provides	provide	VERB
economy-6779	176	12	more	more	ADJ
economy-6779	176	13	flexibility	flexibility	NOUN
economy-6779	176	14	than	than	ADP
economy-6779	176	15	models	model	NOUN
economy-6779	176	16	with	with	ADP
economy-6779	176	17	fixed	fix	VERB
economy-6779	176	18	probabilities	probability	NOUN
economy-6779	176	19	.	.	PUNCT
economy-6779	177	1	for	for	ADP
economy-6779	177	2	example	example	NOUN
economy-6779	177	3	,	,	PUNCT
economy-6779	177	4	it	it	PRON
economy-6779	177	5	can	can	AUX
economy-6779	177	6	identify	identify	VERB
economy-6779	177	7	systematic	systematic	ADJ
economy-6779	177	8	changes	change	NOUN
economy-6779	177	9	in	in	ADP
economy-6779	177	10	transition	transition	NOUN
economy-6779	177	11	probabilities	probability	NOUN
economy-6779	177	12	around	around	ADP
economy-6779	177	13	turning	turn	VERB
economy-6779	177	14	points	point	NOUN
economy-6779	177	15	,	,	PUNCT
economy-6779	177	16	better	well	ADV
economy-6779	177	17	capturing	capture	VERB
economy-6779	177	18	complex	complex	ADJ
economy-6779	177	19	patterns	pattern	NOUN
economy-6779	177	20	of	of	ADP
economy-6779	177	21	temporal	temporal	ADJ
economy-6779	177	22	persistence	persistence	NOUN
economy-6779	177	23	and	and	CCONJ
economy-6779	177	24	enabling	enable	VERB
economy-6779	177	25	the	the	DET
economy-6779	177	26	modeling	modeling	NOUN
economy-6779	177	27	of	of	ADP
economy-6779	177	28	varying	vary	VERB
economy-6779	177	29	expected	expect	VERB
economy-6779	177	30	durations	duration	NOUN
economy-6779	177	31	over	over	ADP
economy-6779	177	32	time	time	NOUN
economy-6779	177	33	.	.	PUNCT
economy-6779	178	1	the	the	DET
economy-6779	178	2	applied	apply	VERB
economy-6779	178	3	markov	markov	NOUN
economy-6779	178	4	model	model	NOUN
economy-6779	178	5	enables	enable	VERB
economy-6779	178	6	volatility	volatility	NOUN
economy-6779	178	7	to	to	PART
economy-6779	178	8	vary	vary	VERB
economy-6779	178	9	across	across	ADP
economy-6779	178	10	regimes	regime	NOUN
economy-6779	178	11	,	,	PUNCT
economy-6779	178	12	allowing	allow	VERB
economy-6779	178	13	it	it	PRON
economy-6779	178	14	to	to	PART
economy-6779	178	15	capture	capture	VERB
economy-6779	178	16	the	the	DET
economy-6779	178	17	time	time	NOUN
economy-6779	178	18	-	-	PUNCT
economy-6779	178	19	varying	vary	VERB
economy-6779	178	20	volatility	volatility	NOUN
economy-6779	178	21	characteristic	characteristic	NOUN
economy-6779	178	22	of	of	ADP
economy-6779	178	23	stock	stock	NOUN
economy-6779	178	24	markets	market	NOUN
economy-6779	178	25	,	,	PUNCT
economy-6779	178	26	which	which	PRON
economy-6779	178	27	is	be	AUX
economy-6779	178	28	an	an	DET
economy-6779	178	29	important	important	ADJ
economy-6779	178	30	stylized	stylize	VERB
economy-6779	178	31	fact	fact	NOUN
economy-6779	178	32	in	in	ADP
economy-6779	178	33	financial	financial	ADJ
economy-6779	178	34	markets	market	NOUN
economy-6779	178	35	.	.	PUNCT
economy-6779	179	1	in	in	ADP
economy-6779	179	2	this	this	DET
economy-6779	179	3	regard	regard	NOUN
economy-6779	179	4	,	,	PUNCT
economy-6779	179	5	the	the	DET
economy-6779	179	6	model	model	NOUN
economy-6779	179	7	incorporates	incorporate	VERB
economy-6779	179	8	filardo	filardo	PROPN
economy-6779	179	9	(	(	PUNCT
economy-6779	179	10	1994	1994	NUM
economy-6779	179	11	)	)	PUNCT
economy-6779	179	12	framework	framework	NOUN
economy-6779	179	13	.	.	PUNCT
economy-6779	180	1	𝑃𝑖𝑗,𝑡	𝑃𝑖𝑗,𝑡	X
economy-6779	181	1	=	=	PUNCT
economy-6779	181	2	𝑃𝑟[𝑅𝑡	𝑃𝑟[𝑅𝑡	X
economy-6779	181	3	=	=	PUNCT
economy-6779	182	1	𝑗/𝑅𝑡	𝑗/𝑅𝑡	NOUN
economy-6779	182	2	=	=	SYM
economy-6779	182	3	𝑖	𝑖	SYM
economy-6779	182	4	,	,	PUNCT
economy-6779	182	5	𝑍𝑡−1	𝑍𝑡−1	PROPN
economy-6779	182	6	=	=	SYM
economy-6779	182	7	𝑒𝑥𝑝(𝜆𝑖,𝑗,0+𝑍′𝑡−1𝜆𝑖,𝑗,1	𝑒𝑥𝑝(𝜆𝑖,𝑗,0+𝑍′𝑡−1𝜆𝑖,𝑗,1	NOUN
economy-6779	182	8	)	)	PUNCT
economy-6779	182	9	1+𝑒𝑥𝑝(𝜆𝑖,𝑗,0+𝑍′𝑡−1𝜆𝑖,𝑗,1	1+𝑒𝑥𝑝(𝜆𝑖,𝑗,0+𝑍′𝑡−1𝜆𝑖,𝑗,1	NUM
economy-6779	182	10	)	)	PUNCT
economy-6779	182	11	(	(	PUNCT
economy-6779	182	12	9	9	NUM
economy-6779	182	13	)	)	PUNCT
economy-6779	182	14	where	where	SCONJ
economy-6779	182	15	:	:	PUNCT
economy-6779	182	16	1	1	NUM
economy-6779	182	17	...	...	PUNCT
economy-6779	182	18	,2,1;	,2,1;	PROPN
economy-6779	182	19	...	...	PUNCT
economy-6779	182	20	,2,1	,2,1	PROPN
economy-6779	182	21	−==	−==	ADJ
economy-6779	182	22	mjmi	mjmi	NOUN
economy-6779	182	23	and	and	CCONJ
economy-6779	182	24			X
economy-6779	182	25	−	−	VERB
economy-6779	182	26	=	=	NOUN
economy-6779	182	27	−	−	NOUN
economy-6779	182	28	=	=	SYM
economy-6779	182	29	−====	−====	NOUN
economy-6779	182	30	1	1	NUM
economy-6779	182	31	1	1	NUM
economy-6779	182	32	,	,	PUNCT
economy-6779	182	33	,	,	PUNCT
economy-6779	182	34	,	,	PUNCT
economy-6779	182	35	1	1	NUM
economy-6779	182	36	,	,	PUNCT
economy-6779	182	37	,	,	PUNCT
economy-6779	182	38	,	,	PUNCT
economy-6779	182	39	;	;	PUNCT
economy-6779	182	40	...	...	PUNCT
economy-6779	182	41	,	,	PUNCT
economy-6779	182	42	2,11],/	2,11],/	NOUN
economy-6779	182	43	[	[	PUNCT
economy-6779	182	44	m	m	NOUN
economy-6779	182	45	j	j	NOUN
economy-6779	182	46	tjitttrtmji	tjitttrtmji	ADJ
economy-6779	182	47	mipzirmrpp	mipzirmrpp	NOUN
economy-6779	182	48	m	m	NOUN
economy-6779	182	49	represents	represent	VERB
economy-6779	182	50	the	the	DET
economy-6779	182	51	number	number	NOUN
economy-6779	182	52	of	of	ADP
economy-6779	182	53	regimes	regime	NOUN
economy-6779	182	54	,	,	PUNCT
economy-6779	182	55	and	and	CCONJ
economy-6779	182	56	rt	rt	PROPN
economy-6779	182	57	is	be	AUX
economy-6779	182	58	a	a	DET
economy-6779	182	59	first	first	ADJ
economy-6779	182	60	-	-	PUNCT
economy-6779	182	61	order	order	NOUN
economy-6779	182	62	markov	markov	NOUN
economy-6779	182	63	variable	variable	NOUN
economy-6779	182	64	.	.	PUNCT
economy-6779	183	1	zt	zt	PROPN
economy-6779	183	2	is	be	AUX
economy-6779	183	3	a	a	DET
economy-6779	183	4	vector	vector	NOUN
economy-6779	183	5	of	of	ADP
economy-6779	183	6	economic	economic	ADJ
economy-6779	183	7	variables	variable	NOUN
economy-6779	183	8	that	that	PRON
economy-6779	183	9	drive	drive	VERB
economy-6779	183	10	the	the	DET
economy-6779	183	11	transition	transition	NOUN
economy-6779	183	12	between	between	ADP
economy-6779	183	13	regimes	regime	NOUN
economy-6779	183	14	.	.	PUNCT
economy-6779	184	1	the	the	DET
economy-6779	184	2	study	study	NOUN
economy-6779	184	3	applies	apply	VERB
economy-6779	184	4	filardo	filardo	PROPN
economy-6779	184	5	(	(	PUNCT
economy-6779	184	6	1994	1994	NUM
economy-6779	184	7	)	)	PUNCT
economy-6779	184	8	time	time	NOUN
economy-6779	184	9	-	-	PUNCT
economy-6779	184	10	varying	vary	VERB
economy-6779	184	11	probabilities	probability	NOUN
economy-6779	184	12	to	to	PART
economy-6779	184	13	analyze	analyze	VERB
economy-6779	184	14	the	the	DET
economy-6779	184	15	effect	effect	NOUN
economy-6779	184	16	of	of	ADP
economy-6779	184	17	oil	oil	NOUN
economy-6779	184	18	price	price	NOUN
economy-6779	184	19	shocks	shock	NOUN
economy-6779	184	20	on	on	ADP
economy-6779	184	21	stock	stock	NOUN
economy-6779	184	22	market	market	NOUN
economy-6779	184	23	performance	performance	NOUN
economy-6779	184	24	,	,	PUNCT
economy-6779	184	25	modeled	model	VERB
economy-6779	184	26	under	under	ADP
economy-6779	184	27	two	two	NUM
economy-6779	184	28	distinct	distinct	ADJ
economy-6779	184	29	regimes	regime	NOUN
economy-6779	184	30	.	.	PUNCT
economy-6779	185	1	transitions	transition	NOUN
economy-6779	185	2	between	between	ADP
economy-6779	185	3	these	these	DET
economy-6779	185	4	regimes	regime	NOUN
economy-6779	185	5	are	be	AUX
economy-6779	185	6	determined	determine	VERB
economy-6779	185	7	by	by	ADP
economy-6779	185	8	a	a	DET
economy-6779	185	9	probability	probability	NOUN
economy-6779	185	10	process	process	NOUN
economy-6779	185	11	.	.	PUNCT
economy-6779	186	1	regime	regime	NOUN
economy-6779	186	2	1	1	NUM
economy-6779	186	3	:	:	PUNCT
economy-6779	186	4	.......................................................	.......................................................	PUNCT
economy-6779	186	5	)	)	PUNCT
economy-6779	186	6	'	'	NUM
economy-6779	186	7	exp(1	exp(1	NOUN
economy-6779	186	8	)	)	PUNCT
economy-6779	186	9	'	'	PUNCT
economy-6779	186	10	exp	exp	NOUN
economy-6779	186	11	(	(	PUNCT
economy-6779	186	12	]	]	X
economy-6779	186	13	1/1	1/1	NUM
economy-6779	186	14	[	[	PUNCT
economy-6779	186	15	11	11	NUM
economy-6779	186	16	110	110	NUM
economy-6779	186	17	1	1	NUM
economy-6779	186	18	1110	1110	NUM
economy-6779	186	19	1	1	NUM
economy-6779	186	20	j	j	PROPN
economy-6779	186	21	n	n	NUM
economy-6779	186	22	j	j	PROPN
economy-6779	186	23	t	t	PROPN
economy-6779	186	24	j	j	PROPN
economy-6779	187	1	t	t	PROPN
economy-6779	187	2	n	n	PROPN
economy-6779	187	3	j	j	PROPN
economy-6779	187	4	ttr	ttr	PROPN
economy-6779	187	5	z	z	PROPN
economy-6779	187	6	z	z	PROPN
economy-6779	187	7	rrp	rrp	PROPN
economy-6779	187	8			PROPN
economy-6779	187	9			ADJ
economy-6779	187	10			X
economy-6779	187	11			X
economy-6779	188	1	=	=	PUNCT
economy-6779	188	2	−	−	PROPN
economy-6779	188	3	−=	−=	NOUN
economy-6779	188	4	−	−	PROPN
economy-6779	189	1	+	+	NOUN
economy-6779	189	2	+	+	PROPN
economy-6779	189	3	+	+	CCONJ
economy-6779	189	4	=	=	NOUN
economy-6779	189	5	=	=	SYM
economy-6779	189	6	=	=	SYM
economy-6779	189	7	(	(	PUNCT
economy-6779	189	8	10	10	NUM
economy-6779	189	9	)	)	PUNCT
economy-6779	189	10	regime	regime	NOUN
economy-6779	189	11	2	2	NUM
economy-6779	189	12	:	:	PUNCT
economy-6779	189	13	................................................	................................................	PUNCT
economy-6779	189	14	)	)	PUNCT
economy-6779	189	15	''	''	PUNCT
economy-6779	189	16	exp(1	exp(1	NOUN
economy-6779	189	17	)	)	PUNCT
economy-6779	189	18	'	'	PUNCT
economy-6779	189	19	exp	exp	NOUN
economy-6779	189	20	(	(	PUNCT
economy-6779	189	21	]	]	X
economy-6779	189	22	2/2	2/2	NUM
economy-6779	189	23	[	[	PUNCT
economy-6779	189	24	21	21	NUM
economy-6779	189	25	120	120	NUM
economy-6779	189	26	21	21	NUM
economy-6779	189	27	120	120	NUM
economy-6779	189	28	1	1	NUM
economy-6779	189	29	j	j	PROPN
economy-6779	189	30	n	n	NUM
economy-6779	189	31	j	j	PROPN
economy-6779	189	32	t	t	PROPN
economy-6779	189	33	j	j	PROPN
economy-6779	189	34	n	n	CCONJ
economy-6779	189	35	j	j	PROPN
economy-6779	189	36	t	t	PROPN
economy-6779	189	37	ttr	ttr	PROPN
economy-6779	189	38	z	z	PROPN
economy-6779	189	39	z	z	PROPN
economy-6779	189	40	rrp	rrp	PROPN
economy-6779	189	41			PROPN
economy-6779	189	42			ADJ
economy-6779	189	43			X
economy-6779	189	44			X
economy-6779	190	1	=	=	PUNCT
economy-6779	190	2	−	−	PUNCT
economy-6779	190	3	=	=	PUNCT
economy-6779	191	1	−	−	PROPN
economy-6779	191	2	−	−	PROPN
economy-6779	192	1	+	+	ADJ
economy-6779	192	2	+	+	ADJ
economy-6779	192	3	+	+	CCONJ
economy-6779	192	4	=	=	NOUN
economy-6779	192	5	=	=	SYM
economy-6779	192	6	=	=	SYM
economy-6779	192	7	(	(	PUNCT
economy-6779	192	8	11	11	NUM
economy-6779	192	9	)	)	PUNCT
economy-6779	192	10	the	the	DET
economy-6779	192	11	probability	probability	NOUN
economy-6779	192	12	of	of	ADP
economy-6779	192	13	staying	stay	VERB
economy-6779	192	14	in	in	ADP
economy-6779	192	15	a	a	DET
economy-6779	192	16	low	low	ADJ
economy-6779	192	17	stock	stock	NOUN
economy-6779	192	18	performance	performance	NOUN
economy-6779	192	19	regime	regime	NOUN
economy-6779	192	20	is	be	AUX
economy-6779	192	21	determined	determine	VERB
economy-6779	192	22	by	by	ADP
economy-6779	192	23	the	the	DET
economy-6779	192	24	previous	previous	ADJ
economy-6779	192	25	regime	regime	NOUN
economy-6779	192	26	,	,	PUNCT
economy-6779	192	27	which	which	PRON
economy-6779	192	28	could	could	AUX
economy-6779	192	29	either	either	CCONJ
economy-6779	192	30	be	be	AUX
economy-6779	192	31	low	low	ADJ
economy-6779	192	32	or	or	CCONJ
economy-6779	192	33	high	high	ADJ
economy-6779	192	34	stock	stock	NOUN
economy-6779	192	35	performance	performance	NOUN
economy-6779	192	36	,	,	PUNCT
economy-6779	192	37	while	while	SCONJ
economy-6779	192	38	the	the	DET
economy-6779	192	39	probability	probability	NOUN
economy-6779	192	40	of	of	ADP
economy-6779	192	41	transitioning	transition	VERB
economy-6779	192	42	to	to	ADP
economy-6779	192	43	a	a	DET
economy-6779	192	44	high	high	ADJ
economy-6779	192	45	stock	stock	NOUN
economy-6779	192	46	performance	performance	NOUN
economy-6779	192	47	regime	regime	NOUN
economy-6779	192	48	is	be	AUX
economy-6779	192	49	similarly	similarly	ADV
economy-6779	192	50	based	base	VERB
economy-6779	192	51	on	on	ADP
economy-6779	192	52	whether	whether	SCONJ
economy-6779	192	53	the	the	DET
economy-6779	192	54	prior	prior	ADJ
economy-6779	192	55	regime	regime	NOUN
economy-6779	192	56	was	be	AUX
economy-6779	192	57	low	low	ADJ
economy-6779	192	58	or	or	CCONJ
economy-6779	192	59	high	high	ADJ
economy-6779	192	60	stock	stock	NOUN
economy-6779	192	61	performance	performance	NOUN
economy-6779	192	62	.	.	PUNCT
economy-6779	193	1	zt	zt	PROPN
economy-6779	193	2	is	be	AUX
economy-6779	193	3	a	a	DET
economy-6779	193	4	vector	vector	NOUN
economy-6779	193	5	of	of	ADP
economy-6779	193	6	j	j	PROPN
economy-6779	193	7	macroeconomic	macroeconomic	ADJ
economy-6779	193	8	and	and	CCONJ
economy-6779	193	9	policy	policy	NOUN
economy-6779	193	10	-	-	PUNCT
economy-6779	193	11	related	relate	VERB
economy-6779	193	12	variables	variable	NOUN
economy-6779	193	13	used	use	VERB
economy-6779	193	14	to	to	PART
economy-6779	193	15	forecast	forecast	VERB
economy-6779	193	16	the	the	DET
economy-6779	193	17	future	future	ADJ
economy-6779	193	18	trajectory	trajectory	NOUN
economy-6779	193	19	of	of	ADP
economy-6779	193	20	stock	stock	NOUN
economy-6779	193	21	performance	performance	NOUN
economy-6779	193	22	.	.	PUNCT
economy-6779	194	1	this	this	DET
economy-6779	194	2	approach	approach	NOUN
economy-6779	194	3	aligns	align	VERB
economy-6779	194	4	with	with	ADP
economy-6779	194	5	the	the	DET
economy-6779	194	6	arbitrage	arbitrage	NOUN
economy-6779	194	7	pricing	pricing	NOUN
economy-6779	194	8	theory	theory	NOUN
economy-6779	194	9	,	,	PUNCT
economy-6779	194	10	which	which	PRON
economy-6779	194	11	posits	posit	VERB
economy-6779	194	12	that	that	PRON
economy-6779	194	13	mispriced	mispriced	ADJ
economy-6779	194	14	securities	security	NOUN
economy-6779	194	15	may	may	AUX
economy-6779	194	16	create	create	VERB
economy-6779	194	17	short	short	ADJ
economy-6779	194	18	-	-	PUNCT
economy-6779	194	19	term	term	NOUN
economy-6779	194	20	risk	risk	NOUN
economy-6779	194	21	-	-	PUNCT
economy-6779	194	22	free	free	ADJ
economy-6779	194	23	profit	profit	NOUN
economy-6779	194	24	opportunities	opportunity	NOUN
economy-6779	194	25	.	.	PUNCT
economy-6779	195	1	by	by	ADP
economy-6779	195	2	allowing	allow	VERB
economy-6779	195	3	transition	transition	NOUN
economy-6779	195	4	probabilities	probability	NOUN
economy-6779	195	5	to	to	PART
economy-6779	195	6	fluctuate	fluctuate	VERB
economy-6779	195	7	over	over	ADP
economy-6779	195	8	time	time	NOUN
economy-6779	195	9	,	,	PUNCT
economy-6779	195	10	we	we	PRON
economy-6779	195	11	can	can	AUX
economy-6779	195	12	better	well	ADV
economy-6779	195	13	understand	understand	VERB
economy-6779	195	14	the	the	DET
economy-6779	195	15	factors	factor	NOUN
economy-6779	195	16	driving	drive	VERB
economy-6779	195	17	shifts	shift	NOUN
economy-6779	195	18	between	between	ADP
economy-6779	195	19	the	the	DET
economy-6779	195	20	low	low	ADJ
economy-6779	195	21	stock	stock	NOUN
economy-6779	195	22	performance	performance	NOUN
economy-6779	195	23	regime	regime	NOUN
economy-6779	195	24	(	(	PUNCT
economy-6779	195	25	r	r	NOUN
economy-6779	195	26	t	t	PROPN
economy-6779	195	27	-1	-1	NOUN
economy-6779	195	28	,	,	PUNCT
economy-6779	195	29	r	r	PROPN
economy-6779	195	30	t-1	t-1	PROPN
economy-6779	195	31	)	)	PUNCT
economy-6779	195	32	and	and	CCONJ
economy-6779	195	33	the	the	DET
economy-6779	195	34	high	high	ADJ
economy-6779	195	35	stock	stock	NOUN
economy-6779	195	36	performance	performance	NOUN
economy-6779	195	37	regime	regime	NOUN
economy-6779	195	38	(	(	PUNCT
economy-6779	195	39	rt=2	rt=2	NOUN
economy-6779	195	40	)	)	PUNCT
economy-6779	195	41	,	,	PUNCT
economy-6779	195	42	as	as	ADV
economy-6779	195	43	well	well	ADV
economy-6779	195	44	as	as	ADP
economy-6779	195	45	the	the	DET
economy-6779	195	46	reverse	reverse	ADJ
economy-6779	195	47	transitions	transition	NOUN
economy-6779	195	48	.	.	PUNCT
economy-6779	196	1	the	the	DET
economy-6779	196	2	key	key	ADJ
economy-6779	196	3	parameters	parameter	NOUN
economy-6779	196	4	that	that	PRON
economy-6779	196	5	influence	influence	VERB
economy-6779	196	6	the	the	DET
economy-6779	196	7	transition	transition	NOUN
economy-6779	196	8	probabilities	probability	NOUN
economy-6779	196	9	between	between	ADP
economy-6779	196	10	regimes	regime	NOUN
economy-6779	196	11	are	be	AUX
economy-6779	196	12	the	the	DET
economy-6779	196	13	coefficients	coefficient	NOUN
economy-6779	196	14	λ	λ	NOUN
economy-6779	196	15	.	.	PUNCT
economy-6779	197	1	evaluating	evaluate	VERB
economy-6779	197	2	the	the	DET
economy-6779	197	3	sign	sign	NOUN
economy-6779	197	4	of	of	ADP
economy-6779	197	5	these	these	DET
economy-6779	197	6	coefficients	coefficient	NOUN
economy-6779	197	7	is	be	AUX
economy-6779	197	8	crucial	crucial	ADJ
economy-6779	197	9	.	.	PUNCT
economy-6779	198	1	for	for	ADP
economy-6779	198	2	example	example	NOUN
economy-6779	198	3	,	,	PUNCT
economy-6779	198	4	if	if	SCONJ
economy-6779	198	5	the	the	DET
economy-6779	198	6	coefficient	coefficient	NOUN
economy-6779	198	7	11λis	11λis	PROPN
economy-6779	198	8	positive	positive	ADJ
economy-6779	198	9	,	,	PUNCT
economy-6779	198	10	the	the	DET
economy-6779	198	11	associated	associated	ADJ
economy-6779	198	12	economic	economic	ADJ
economy-6779	198	13	factor	factor	NOUN
economy-6779	198	14	z	z	PROPN
economy-6779	198	15	significantly	significantly	ADV
economy-6779	198	16	increases	increase	VERB
economy-6779	198	17	the	the	DET
economy-6779	198	18	probability	probability	NOUN
economy-6779	198	19	of	of	ADP
economy-6779	198	20	staying	stay	VERB
economy-6779	198	21	in	in	ADP
economy-6779	198	22	the	the	DET
economy-6779	198	23	high	high	ADJ
economy-6779	198	24	stock	stock	NOUN
economy-6779	198	25	performance	performance	NOUN
economy-6779	198	26	regime	regime	NOUN
economy-6779	198	27	(	(	PUNCT
economy-6779	198	28	regime	regime	NOUN
economy-6779	198	29	1	1	NUM
economy-6779	198	30	)	)	PUNCT
economy-6779	198	31	.	.	PUNCT
economy-6779	199	1	on	on	ADP
economy-6779	199	2	the	the	DET
economy-6779	199	3	other	other	ADJ
economy-6779	199	4	hand	hand	NOUN
economy-6779	199	5	,	,	PUNCT
economy-6779	199	6	if	if	SCONJ
economy-6779	199	7	the	the	DET
economy-6779	199	8	coefficient	coefficient	NOUN
economy-6779	199	9	is	be	AUX
economy-6779	199	10	negative	negative	ADJ
economy-6779	199	11	,	,	PUNCT
economy-6779	199	12	the	the	DET
economy-6779	199	13	corresponding	corresponding	ADJ
economy-6779	199	14	macroeconomic	macroeconomic	ADJ
economy-6779	199	15	variable	variable	NOUN
economy-6779	199	16	z	z	NOUN
economy-6779	199	17	reduces	reduce	VERB
economy-6779	199	18	the	the	DET
economy-6779	199	19	likelihood	likelihood	NOUN
economy-6779	199	20	of	of	ADP
economy-6779	199	21	remaining	remain	VERB
economy-6779	199	22	in	in	ADP
economy-6779	199	23	the	the	DET
economy-6779	199	24	low	low	ADJ
economy-6779	199	25	stock	stock	NOUN
economy-6779	199	26	performance	performance	NOUN
economy-6779	199	27	regime	regime	NOUN
economy-6779	199	28	and	and	CCONJ
economy-6779	199	29	raises	raise	VERB
economy-6779	199	30	the	the	DET
economy-6779	199	31	probability	probability	NOUN
economy-6779	199	32	of	of	ADP
economy-6779	199	33	transitioning	transition	VERB
economy-6779	199	34	between	between	ADP
economy-6779	199	35	high	high	ADJ
economy-6779	199	36	and	and	CCONJ
economy-6779	199	37	low	low	ADJ
economy-6779	199	38	stock	stock	NOUN
economy-6779	199	39	performance	performance	NOUN
economy-6779	199	40	regimes	regime	NOUN
economy-6779	199	41	(	(	PUNCT
economy-6779	199	42	regime	regime	NOUN
economy-6779	199	43	2	2	NUM
economy-6779	199	44	)	)	PUNCT
economy-6779	199	45	.	.	PUNCT
economy-6779	200	1	similarly	similarly	ADV
economy-6779	200	2	,	,	PUNCT
economy-6779	200	3	the	the	DET
economy-6779	200	4	coefficient	coefficient	NOUN
economy-6779	200	5	12λ	12λ	NUM
economy-6779	200	6	reflects	reflect	VERB
economy-6779	200	7	the	the	DET
economy-6779	200	8	effect	effect	NOUN
economy-6779	200	9	of	of	ADP
economy-6779	200	10	the	the	DET
economy-6779	200	11	economy	economy	NOUN
economy-6779	200	12	,	,	PUNCT
economy-6779	200	13	2025	2025	NUM
economy-6779	200	14	,	,	PUNCT
economy-6779	200	15	12(2	12(2	NUM
economy-6779	200	16	):	):	PUNCT
economy-6779	200	17	40	40	NUM
economy-6779	200	18	-	-	SYM
economy-6779	200	19	50	50	NUM
economy-6779	200	20	45	45	NUM
economy-6779	200	21	©	©	ADP
economy-6779	200	22	2025	2025	NUM
economy-6779	200	23	by	by	ADP
economy-6779	200	24	the	the	DET
economy-6779	200	25	authors	author	NOUN
economy-6779	200	26	;	;	PUNCT
economy-6779	200	27	licensee	licensee	PROPN
economy-6779	200	28	asian	asian	ADJ
economy-6779	200	29	online	online	PROPN
economy-6779	200	30	journal	journal	PROPN
economy-6779	200	31	publishing	publishing	NOUN
economy-6779	200	32	group	group	NOUN
economy-6779	200	33	exogenous	exogenous	ADJ
economy-6779	200	34	variable	variable	ADJ
economy-6779	200	35	z	z	NOUN
economy-6779	200	36	on	on	ADP
economy-6779	200	37	the	the	DET
economy-6779	200	38	probability	probability	NOUN
economy-6779	200	39	of	of	ADP
economy-6779	200	40	remaining	remain	VERB
economy-6779	200	41	in	in	ADP
economy-6779	200	42	the	the	DET
economy-6779	200	43	high	high	ADJ
economy-6779	200	44	stock	stock	NOUN
economy-6779	200	45	performance	performance	NOUN
economy-6779	200	46	regime	regime	NOUN
economy-6779	200	47	(	(	PUNCT
economy-6779	200	48	regime	regime	NOUN
economy-6779	200	49	2	2	NUM
economy-6779	200	50	)	)	PUNCT
economy-6779	200	51	or	or	CCONJ
economy-6779	200	52	shifting	shift	VERB
economy-6779	200	53	to	to	ADP
economy-6779	200	54	the	the	DET
economy-6779	200	55	low	low	ADJ
economy-6779	200	56	stock	stock	NOUN
economy-6779	200	57	performance	performance	NOUN
economy-6779	200	58	regime	regime	NOUN
economy-6779	200	59	(	(	PUNCT
economy-6779	200	60	regime	regime	NOUN
economy-6779	200	61	1	1	NUM
economy-6779	200	62	)	)	PUNCT
economy-6779	200	63	,	,	PUNCT
economy-6779	200	64	depending	depend	VERB
economy-6779	200	65	on	on	ADP
economy-6779	200	66	whether	whether	SCONJ
economy-6779	200	67	this	this	DET
economy-6779	200	68	coefficient	coefficient	NOUN
economy-6779	200	69	is	be	AUX
economy-6779	200	70	positive	positive	ADJ
economy-6779	200	71	or	or	CCONJ
economy-6779	200	72	negative	negative	ADJ
economy-6779	200	73	,	,	PUNCT
economy-6779	200	74	respectively	respectively	ADV
economy-6779	200	75	.	.	PUNCT
economy-6779	201	1	the	the	DET
economy-6779	201	2	period	period	NOUN
economy-6779	201	3	of	of	ADP
economy-6779	201	4	investigation	investigation	NOUN
economy-6779	201	5	spanned	span	VERB
economy-6779	201	6	1990q1	1990q1	PROPN
economy-6779	201	7	to	to	ADP
economy-6779	201	8	2023q4	2023q4	PROPN
economy-6779	201	9	published	publish	VERB
economy-6779	201	10	time	time	NOUN
economy-6779	201	11	series	series	PROPN
economy-6779	201	12	data	datum	NOUN
economy-6779	201	13	which	which	PRON
economy-6779	201	14	give	give	VERB
economy-6779	201	15	numerical	numerical	ADJ
economy-6779	201	16	values	value	NOUN
economy-6779	201	17	about	about	ADP
economy-6779	201	18	the	the	DET
economy-6779	201	19	variables	variable	NOUN
economy-6779	201	20	under	under	ADP
economy-6779	201	21	study	study	NOUN
economy-6779	201	22	will	will	AUX
economy-6779	201	23	be	be	AUX
economy-6779	201	24	collected	collect	VERB
economy-6779	201	25	from	from	ADP
economy-6779	201	26	relevant	relevant	ADJ
economy-6779	201	27	secondary	secondary	ADJ
economy-6779	201	28	sources	source	NOUN
economy-6779	201	29	which	which	PRON
economy-6779	201	30	include	include	VERB
economy-6779	201	31	;	;	PUNCT
economy-6779	201	32	national	national	ADJ
economy-6779	201	33	bureau	bureau	PROPN
economy-6779	201	34	of	of	ADP
economy-6779	201	35	statistics	statistic	NOUN
economy-6779	201	36	(	(	PUNCT
economy-6779	201	37	nbs	nbs	NOUN
economy-6779	201	38	)	)	PUNCT
economy-6779	201	39	publications	publication	NOUN
economy-6779	201	40	,	,	PUNCT
economy-6779	201	41	nigeria	nigeria	PROPN
economy-6779	201	42	stock	stock	PROPN
economy-6779	201	43	exchange	exchange	PROPN
economy-6779	201	44	(	(	PUNCT
economy-6779	201	45	nse	nse	NOUN
economy-6779	201	46	)	)	PUNCT
economy-6779	201	47	.	.	PUNCT
economy-6779	202	1	publications	publication	NOUN
economy-6779	202	2	,	,	PUNCT
economy-6779	202	3	world	world	PROPN
economy-6779	202	4	bank	bank	PROPN
economy-6779	202	5	and	and	CCONJ
economy-6779	202	6	international	international	ADJ
economy-6779	202	7	financial	financial	ADJ
economy-6779	202	8	statistics	statistic	NOUN
economy-6779	202	9	(	(	PUNCT
economy-6779	202	10	ifs	ifs	PROPN
economy-6779	202	11	)	)	PUNCT
economy-6779	202	12	,	,	PUNCT
economy-6779	202	13	and	and	CCONJ
economy-6779	202	14	central	central	ADJ
economy-6779	202	15	bank	bank	PROPN
economy-6779	202	16	of	of	ADP
economy-6779	202	17	nigeria	nigeria	PROPN
economy-6779	202	18	(	(	PUNCT
economy-6779	202	19	cbn	cbn	PROPN
economy-6779	202	20	)	)	PUNCT
economy-6779	202	21	annual	annual	ADJ
economy-6779	202	22	reports	report	NOUN
economy-6779	202	23	and	and	CCONJ
economy-6779	202	24	statistical	statistical	ADJ
economy-6779	202	25	bulletin	bulletin	NOUN
economy-6779	202	26	(	(	PUNCT
economy-6779	202	27	various	various	ADJ
economy-6779	202	28	issues	issue	NOUN
economy-6779	202	29	)	)	PUNCT
economy-6779	202	30	.	.	PUNCT
economy-6779	203	1	4	4	X
economy-6779	203	2	.	.	NOUN
economy-6779	203	3	results	result	NOUN
economy-6779	203	4	and	and	CCONJ
economy-6779	203	5	findings	finding	NOUN
economy-6779	203	6	4.1	4.1	NUM
economy-6779	203	7	.	.	PUNCT
economy-6779	204	1	statistical	statistical	ADJ
economy-6779	204	2	properties	property	NOUN
economy-6779	204	3	of	of	ADP
economy-6779	204	4	variable	variable	NOUN
economy-6779	204	5	the	the	DET
economy-6779	204	6	result	result	NOUN
economy-6779	204	7	of	of	ADP
economy-6779	204	8	the	the	DET
economy-6779	204	9	descriptive	descriptive	ADJ
economy-6779	204	10	statistics	statistic	NOUN
economy-6779	204	11	presented	present	VERB
economy-6779	204	12	in	in	ADP
economy-6779	204	13	appendix	appendix	ADJ
economy-6779	204	14	1	1	NUM
economy-6779	204	15	shows	show	VERB
economy-6779	204	16	evidence	evidence	NOUN
economy-6779	204	17	of	of	ADP
economy-6779	204	18	significant	significant	ADJ
economy-6779	204	19	variations	variation	NOUN
economy-6779	204	20	as	as	SCONJ
economy-6779	204	21	shown	show	VERB
economy-6779	204	22	by	by	ADP
economy-6779	204	23	the	the	DET
economy-6779	204	24	huge	huge	ADJ
economy-6779	204	25	difference	difference	NOUN
economy-6779	204	26	between	between	ADP
economy-6779	204	27	the	the	DET
economy-6779	204	28	minimum	minimum	ADJ
economy-6779	204	29	and	and	CCONJ
economy-6779	204	30	maximum	maximum	ADJ
economy-6779	204	31	values	value	NOUN
economy-6779	204	32	for	for	ADP
economy-6779	204	33	all	all	DET
economy-6779	204	34	variables	variable	NOUN
economy-6779	204	35	except	except	SCONJ
economy-6779	204	36	for	for	ADP
economy-6779	204	37	m2	m2	PROPN
economy-6779	204	38	which	which	PRON
economy-6779	204	39	has	have	VERB
economy-6779	204	40	lesser	less	ADJ
economy-6779	204	41	variation	variation	NOUN
economy-6779	204	42	.	.	PUNCT
economy-6779	205	1	the	the	DET
economy-6779	205	2	study	study	NOUN
economy-6779	205	3	utilised	utilise	VERB
economy-6779	205	4	skewness	skewness	NOUN
economy-6779	205	5	,	,	PUNCT
economy-6779	205	6	kurtosis	kurtosis	NOUN
economy-6779	205	7	and	and	CCONJ
economy-6779	205	8	jarque	jarque	NOUN
economy-6779	205	9	-	-	PUNCT
economy-6779	205	10	bera	bera	NOUN
economy-6779	205	11	statistics	statistic	NOUN
economy-6779	205	12	to	to	PART
economy-6779	205	13	test	test	VERB
economy-6779	205	14	for	for	ADP
economy-6779	205	15	normality	normality	NOUN
economy-6779	205	16	of	of	ADP
economy-6779	205	17	the	the	DET
economy-6779	205	18	data	datum	NOUN
economy-6779	205	19	series	series	NOUN
economy-6779	205	20	.	.	PUNCT
economy-6779	206	1	the	the	DET
economy-6779	206	2	skewness	skewness	NOUN
economy-6779	206	3	test	test	NOUN
economy-6779	206	4	indicates	indicate	VERB
economy-6779	206	5	that	that	SCONJ
economy-6779	206	6	some	some	PRON
economy-6779	206	7	of	of	ADP
economy-6779	206	8	the	the	DET
economy-6779	206	9	variables	variable	NOUN
economy-6779	206	10	are	be	AUX
economy-6779	206	11	negatively	negatively	ADV
economy-6779	206	12	skewed	skewed	ADJ
economy-6779	206	13	while	while	SCONJ
economy-6779	206	14	some	some	PRON
economy-6779	206	15	are	be	AUX
economy-6779	206	16	positively	positively	ADV
economy-6779	206	17	skewed	skewed	ADJ
economy-6779	206	18	.	.	PUNCT
economy-6779	207	1	the	the	DET
economy-6779	207	2	exrate	exrate	NOUN
economy-6779	207	3	is	be	AUX
economy-6779	207	4	the	the	DET
economy-6779	207	5	least	least	ADV
economy-6779	207	6	skewed	skewed	ADJ
economy-6779	207	7	among	among	ADP
economy-6779	207	8	the	the	DET
economy-6779	207	9	variables	variable	NOUN
economy-6779	207	10	which	which	PRON
economy-6779	207	11	implies	imply	VERB
economy-6779	207	12	that	that	SCONJ
economy-6779	207	13	information	information	NOUN
economy-6779	207	14	in	in	ADP
economy-6779	207	15	the	the	DET
economy-6779	207	16	variables	variable	NOUN
economy-6779	207	17	has	have	VERB
economy-6779	207	18	a	a	DET
economy-6779	207	19	long	long	ADJ
economy-6779	207	20	tail	tail	NOUN
economy-6779	207	21	in	in	ADP
economy-6779	207	22	the	the	DET
economy-6779	207	23	negative	negative	ADJ
economy-6779	207	24	direction	direction	NOUN
economy-6779	207	25	.	.	PUNCT
economy-6779	208	1	from	from	ADP
economy-6779	208	2	the	the	DET
economy-6779	208	3	kurtosis	kurtosis	NOUN
economy-6779	208	4	statistics	statistic	NOUN
economy-6779	208	5	,	,	PUNCT
economy-6779	208	6	the	the	DET
economy-6779	208	7	study	study	NOUN
economy-6779	208	8	observed	observe	VERB
economy-6779	208	9	all	all	DET
economy-6779	208	10	variables	variable	NOUN
economy-6779	208	11	are	be	AUX
economy-6779	208	12	leptokurtic	leptokurtic	ADJ
economy-6779	208	13	which	which	PRON
economy-6779	208	14	portrays	portray	VERB
economy-6779	208	15	the	the	DET
economy-6779	208	16	asymmetry	asymmetry	NOUN
economy-6779	208	17	of	of	ADP
economy-6779	208	18	the	the	DET
economy-6779	208	19	distribution	distribution	NOUN
economy-6779	208	20	.	.	PUNCT
economy-6779	209	1	jarque	jarque	NOUN
economy-6779	209	2	-	-	PUNCT
economy-6779	209	3	bera	bera	NOUN
economy-6779	209	4	statistic	statistic	NOUN
economy-6779	209	5	is	be	AUX
economy-6779	209	6	the	the	DET
economy-6779	209	7	most	most	ADV
economy-6779	209	8	encompassing	encompass	VERB
economy-6779	209	9	normality	normality	NOUN
economy-6779	209	10	test	test	NOUN
economy-6779	209	11	which	which	PRON
economy-6779	209	12	further	far	ADV
economy-6779	209	13	reinforced	reinforce	VERB
economy-6779	209	14	the	the	DET
economy-6779	209	15	earlier	early	ADJ
economy-6779	209	16	tests	test	NOUN
economy-6779	209	17	by	by	ADP
economy-6779	209	18	showing	show	VERB
economy-6779	209	19	that	that	SCONJ
economy-6779	209	20	the	the	DET
economy-6779	209	21	study	study	NOUN
economy-6779	209	22	can	can	AUX
economy-6779	209	23	reject	reject	VERB
economy-6779	209	24	the	the	DET
economy-6779	209	25	null	null	ADJ
economy-6779	209	26	hypothesis	hypothesis	NOUN
economy-6779	209	27	of	of	ADP
economy-6779	209	28	normality	normality	NOUN
economy-6779	209	29	for	for	ADP
economy-6779	209	30	all	all	DET
economy-6779	209	31	the	the	DET
economy-6779	209	32	variables	variable	NOUN
economy-6779	209	33	because	because	SCONJ
economy-6779	209	34	as	as	SCONJ
economy-6779	209	35	seen	see	VERB
economy-6779	209	36	the	the	DET
economy-6779	209	37	test	test	NOUN
economy-6779	209	38	statistic	statistic	NOUN
economy-6779	209	39	for	for	ADP
economy-6779	209	40	all	all	DET
economy-6779	209	41	variables	variable	NOUN
economy-6779	209	42	is	be	AUX
economy-6779	209	43	not	not	PART
economy-6779	209	44	close	close	ADJ
economy-6779	209	45	to	to	ADP
economy-6779	209	46	zero	zero	NUM
economy-6779	209	47	.	.	PUNCT
economy-6779	210	1	the	the	DET
economy-6779	210	2	average	average	NOUN
economy-6779	210	3	for	for	ADP
economy-6779	210	4	the	the	DET
economy-6779	210	5	variables	variable	NOUN
economy-6779	210	6	is	be	AUX
economy-6779	210	7	greater	great	ADJ
economy-6779	210	8	than	than	ADP
economy-6779	210	9	the	the	DET
economy-6779	210	10	standard	standard	ADJ
economy-6779	210	11	deviation	deviation	NOUN
economy-6779	210	12	except	except	SCONJ
economy-6779	210	13	for	for	ADP
economy-6779	210	14	tbills	tbill	NOUN
economy-6779	210	15	and	and	CCONJ
economy-6779	210	16	realgdp	realgdp	NOUN
economy-6779	210	17	.	.	PUNCT
economy-6779	211	1	this	this	PRON
economy-6779	211	2	indicates	indicate	VERB
economy-6779	211	3	that	that	SCONJ
economy-6779	211	4	all	all	DET
economy-6779	211	5	observations	observation	NOUN
economy-6779	211	6	are	be	AUX
economy-6779	211	7	closer	close	ADJ
economy-6779	211	8	to	to	ADP
economy-6779	211	9	the	the	DET
economy-6779	211	10	mean	mean	NOUN
economy-6779	211	11	with	with	ADP
economy-6779	211	12	the	the	DET
economy-6779	211	13	exception	exception	NOUN
economy-6779	211	14	of	of	ADP
economy-6779	211	15	tbills	tbill	NOUN
economy-6779	211	16	and	and	CCONJ
economy-6779	211	17	realgdp	realgdp	NOUN
economy-6779	211	18	.	.	PUNCT
economy-6779	212	1	it	it	PRON
economy-6779	212	2	is	be	AUX
economy-6779	212	3	important	important	ADJ
economy-6779	212	4	to	to	PART
economy-6779	212	5	mention	mention	VERB
economy-6779	212	6	that	that	SCONJ
economy-6779	212	7	the	the	DET
economy-6779	212	8	descriptive	descriptive	ADJ
economy-6779	212	9	statistics	statistic	NOUN
economy-6779	212	10	only	only	ADV
economy-6779	212	11	provides	provide	VERB
economy-6779	212	12	a	a	DET
economy-6779	212	13	historical	historical	ADJ
economy-6779	212	14	background	background	NOUN
economy-6779	212	15	for	for	ADP
economy-6779	212	16	the	the	DET
economy-6779	212	17	behaviour	behaviour	NOUN
economy-6779	212	18	of	of	ADP
economy-6779	212	19	the	the	DET
economy-6779	212	20	time	time	NOUN
economy-6779	212	21	series	series	PROPN
economy-6779	212	22	data	datum	NOUN
economy-6779	212	23	as	as	SCONJ
economy-6779	212	24	such	such	ADJ
economy-6779	212	25	information	information	NOUN
economy-6779	212	26	obtain	obtain	VERB
economy-6779	212	27	can	can	AUX
economy-6779	212	28	not	not	PART
economy-6779	212	29	be	be	AUX
economy-6779	212	30	used	use	VERB
economy-6779	212	31	to	to	PART
economy-6779	212	32	make	make	VERB
economy-6779	212	33	a	a	DET
economy-6779	212	34	general	general	ADJ
economy-6779	212	35	inference	inference	NOUN
economy-6779	212	36	.	.	PUNCT
economy-6779	213	1	the	the	DET
economy-6779	213	2	markov	markov	NOUN
economy-6779	213	3	switching	switch	VERB
economy-6779	213	4	vector	vector	NOUN
economy-6779	213	5	autoregressive	autoregressive	ADJ
economy-6779	213	6	model	model	NOUN
economy-6779	213	7	in	in	ADP
economy-6779	213	8	regime	regime	NOUN
economy-6779	213	9	1	1	NUM
economy-6779	213	10	presented	present	VERB
economy-6779	213	11	in	in	ADP
economy-6779	213	12	the	the	DET
economy-6779	213	13	table	table	NOUN
economy-6779	213	14	1	1	NUM
economy-6779	213	15	shows	show	VERB
economy-6779	213	16	that	that	SCONJ
economy-6779	213	17	the	the	DET
economy-6779	213	18	lag	lag	NOUN
economy-6779	213	19	of	of	ADP
economy-6779	213	20	interest	interest	NOUN
economy-6779	213	21	rate	rate	NOUN
economy-6779	213	22	has	have	VERB
economy-6779	213	23	significant	significant	ADJ
economy-6779	213	24	effects	effect	NOUN
economy-6779	213	25	on	on	ADP
economy-6779	213	26	interest	interest	NOUN
economy-6779	213	27	rate	rate	NOUN
economy-6779	213	28	,	,	PUNCT
economy-6779	213	29	the	the	DET
economy-6779	213	30	lag	lag	NOUN
economy-6779	213	31	of	of	ADP
economy-6779	213	32	ipi	ipi	PROPN
economy-6779	213	33	is	be	AUX
economy-6779	213	34	also	also	ADV
economy-6779	213	35	significant	significant	ADJ
economy-6779	213	36	in	in	ADP
economy-6779	213	37	explaining	explain	VERB
economy-6779	213	38	ipi	ipi	PROPN
economy-6779	213	39	.	.	PUNCT
economy-6779	214	1	also	also	ADV
economy-6779	214	2	,	,	PUNCT
economy-6779	214	3	the	the	DET
economy-6779	214	4	lag	lag	NOUN
economy-6779	214	5	of	of	ADP
economy-6779	214	6	m2	m2	PROPN
economy-6779	214	7	significantly	significantly	ADV
economy-6779	214	8	affected	affect	VERB
economy-6779	214	9	m2	m2	PROPN
economy-6779	214	10	,	,	PUNCT
economy-6779	214	11	also	also	ADV
economy-6779	214	12	the	the	DET
economy-6779	214	13	lag	lag	NOUN
economy-6779	214	14	of	of	ADP
economy-6779	214	15	allshr	allshr	NOUN
economy-6779	214	16	has	have	VERB
economy-6779	214	17	significant	significant	ADJ
economy-6779	214	18	effects	effect	NOUN
economy-6779	214	19	on	on	ADP
economy-6779	214	20	allshr	allshr	NOUN
economy-6779	214	21	.	.	PUNCT
economy-6779	215	1	unlike	unlike	ADP
economy-6779	215	2	regime	regime	NOUN
economy-6779	215	3	1	1	NUM
economy-6779	215	4	,	,	PUNCT
economy-6779	215	5	in	in	ADP
economy-6779	215	6	regime	regime	NOUN
economy-6779	215	7	2	2	NUM
economy-6779	215	8	the	the	DET
economy-6779	215	9	lag	lag	NOUN
economy-6779	215	10	of	of	ADP
economy-6779	215	11	exr	exr	PROPN
economy-6779	215	12	has	have	VERB
economy-6779	215	13	significant	significant	ADJ
economy-6779	215	14	effects	effect	NOUN
economy-6779	215	15	in	in	ADP
economy-6779	215	16	exr	exr	PROPN
economy-6779	215	17	whereas	whereas	SCONJ
economy-6779	215	18	the	the	DET
economy-6779	215	19	lag	lag	NOUN
economy-6779	215	20	of	of	ADP
economy-6779	215	21	intr	intr	NOUN
economy-6779	215	22	is	be	AUX
economy-6779	215	23	has	have	VERB
economy-6779	215	24	no	no	DET
economy-6779	215	25	significant	significant	ADJ
economy-6779	215	26	effects	effect	NOUN
economy-6779	215	27	in	in	ADP
economy-6779	215	28	intr	intr	NOUN
economy-6779	215	29	.	.	PUNCT
economy-6779	216	1	the	the	DET
economy-6779	216	2	lag	lag	NOUN
economy-6779	216	3	of	of	ADP
economy-6779	216	4	ipi	ipi	PROPN
economy-6779	216	5	has	have	VERB
economy-6779	216	6	significant	significant	ADJ
economy-6779	216	7	effects	effect	NOUN
economy-6779	216	8	on	on	ADP
economy-6779	216	9	ipi	ipi	PROPN
economy-6779	216	10	.	.	PUNCT
economy-6779	217	1	however	however	ADV
economy-6779	217	2	,	,	PUNCT
economy-6779	217	3	the	the	DET
economy-6779	217	4	lag	lag	NOUN
economy-6779	217	5	of	of	ADP
economy-6779	217	6	m2	m2	PROPN
economy-6779	217	7	and	and	CCONJ
economy-6779	217	8	allshr	allshr	NOUN
economy-6779	217	9	has	have	VERB
economy-6779	217	10	no	no	DET
economy-6779	217	11	significant	significant	ADJ
economy-6779	217	12	effects	effect	NOUN
economy-6779	217	13	on	on	ADP
economy-6779	217	14	m2	m2	PROPN
economy-6779	217	15	and	and	CCONJ
economy-6779	217	16	allshr	allshr	NOUN
economy-6779	217	17	.	.	PUNCT
economy-6779	218	1	table	table	NOUN
economy-6779	218	2	1	1	NUM
economy-6779	218	3	.	.	PUNCT
economy-6779	218	4	var	var	PROPN
economy-6779	218	5	estimation	estimation	PROPN
economy-6779	218	6	.	.	PUNCT
economy-6779	219	1	exr	exr	PROPN
economy-6779	219	2	intr	intr	PROPN
economy-6779	219	3	ipi	ipi	PROPN
economy-6779	219	4	m2	m2	PROPN
economy-6779	219	5	allshr	allshr	PROPN
economy-6779	219	6	regime	regime	NOUN
economy-6779	219	7	1	1	NUM
economy-6779	219	8	exr	exr	PROPN
economy-6779	219	9	0.120	0.120	NUM
economy-6779	219	10	0.001	0.001	NUM
economy-6779	219	11	0.003	0.003	NUM
economy-6779	219	12	0.005	0.005	NUM
economy-6779	219	13	0.008	0.008	NUM
economy-6779	219	14	0.011	0.011	NUM
economy-6779	219	15	-0.002	-0.002	NOUN
economy-6779	219	16	-0.005	-0.005	PUNCT
economy-6779	219	17	0.245	0.245	NUM
economy-6779	219	18	*	*	PUNCT
economy-6779	219	19	*	*	PUNCT
economy-6779	219	20	*	*	PUNCT
economy-6779	219	21	-0.103	-0.103	X
economy-6779	219	22	intr	intr	VERB
economy-6779	219	23	0.006	0.006	NUM
economy-6779	219	24	0.018	0.018	NUM
economy-6779	219	25	0.330	0.330	NUM
economy-6779	219	26	*	*	PUNCT
economy-6779	219	27	*	*	PUNCT
economy-6779	219	28	*	*	PUNCT
economy-6779	219	29	-0.068	-0.068	X
economy-6779	219	30	-0.018	-0.018	PUNCT
economy-6779	219	31	-0.006	-0.006	X
economy-6779	219	32	0.011	0.011	NUM
economy-6779	219	33	0.006	0.006	NUM
economy-6779	219	34	-0.030	-0.030	NUM
economy-6779	219	35	0.157	0.157	NUM
economy-6779	219	36	ipi	ipi	PROPN
economy-6779	219	37	-0.221	-0.221	PUNCT
economy-6779	219	38	0.074	0.074	NUM
economy-6779	219	39	0.020	0.020	NUM
economy-6779	219	40	-0.049	-0.049	PUNCT
economy-6779	219	41	0.213	0.213	NUM
economy-6779	219	42	*	*	PUNCT
economy-6779	219	43	*	*	PUNCT
economy-6779	219	44	*	*	PUNCT
economy-6779	219	45	0.317	0.317	NUM
economy-6779	219	46	*	*	PUNCT
economy-6779	219	47	*	*	PUNCT
economy-6779	219	48	*	*	PUNCT
economy-6779	219	49	-0.017	-0.017	ADP
economy-6779	219	50	0.008	0.008	NUM
economy-6779	219	51	0.281	0.281	NUM
economy-6779	219	52	0.151	0.151	NUM
economy-6779	219	53	m2	m2	NOUN
economy-6779	219	54	0.537	0.537	NUM
economy-6779	219	55	0.578	0.578	NUM
economy-6779	219	56	-0.147	-0.147	NUM
economy-6779	219	57	0.258	0.258	NUM
economy-6779	219	58	-0.094	-0.094	VERB
economy-6779	219	59	0.061	0.061	NUM
economy-6779	219	60	0.328	0.328	NUM
economy-6779	219	61	*	*	PUNCT
economy-6779	219	62	*	*	PUNCT
economy-6779	219	63	*	*	PUNCT
economy-6779	219	64	0.337	0.337	NUM
economy-6779	219	65	*	*	PUNCT
economy-6779	219	66	*	*	PUNCT
economy-6779	219	67	*	*	X
economy-6779	219	68	0.252	0.252	NUM
economy-6779	219	69	-1.750	-1.750	NOUN
economy-6779	219	70	*	*	NOUN
economy-6779	219	71	*	*	NOUN
economy-6779	219	72	allshr	allshr	NOUN
economy-6779	219	73	-0.04	-0.04	NUM
economy-6779	219	74	-0.082	-0.082	NUM
economy-6779	219	75	-0.034	-0.034	NOUN
economy-6779	219	76	0.062	0.062	NUM
economy-6779	219	77	0.012	0.012	NUM
economy-6779	219	78	0.012	0.012	NUM
economy-6779	219	79	0.001	0.001	NUM
economy-6779	219	80	-0.009	-0.009	NUM
economy-6779	219	81	*	*	NOUN
economy-6779	219	82	*	*	NOUN
economy-6779	219	83	0.254	0.254	NUM
economy-6779	219	84	*	*	PUNCT
economy-6779	219	85	*	*	PUNCT
economy-6779	219	86	*	*	PUNCT
economy-6779	219	87	0.076	0.076	NUM
economy-6779	219	88	regime	regime	NOUN
economy-6779	219	89	2	2	NUM
economy-6779	219	90	exr	exr	NOUN
economy-6779	219	91	-0.084	-0.084	PUNCT
economy-6779	219	92	3.132	3.132	NUM
economy-6779	219	93	*	*	PUNCT
economy-6779	219	94	*	*	PUNCT
economy-6779	219	95	*	*	PUNCT
economy-6779	219	96	0.063	0.063	NUM
economy-6779	219	97	-0.003	-0.003	SYM
economy-6779	219	98	-0.009	-0.009	X
economy-6779	219	99	-0.124	-0.124	PUNCT
economy-6779	219	100	0.089	0.089	NUM
economy-6779	219	101	*	*	PUNCT
economy-6779	219	102	*	*	PUNCT
economy-6779	219	103	*	*	PUNCT
economy-6779	219	104	-0.016	-0.016	ADP
economy-6779	219	105	0.427	0.427	NUM
economy-6779	219	106	-0.913	-0.913	PUNCT
economy-6779	219	107	intr	intr	VERB
economy-6779	219	108	2.076	2.076	NUM
economy-6779	219	109	11.466	11.466	NUM
economy-6779	219	110	-0.085	-0.085	NOUN
economy-6779	219	111	-1.897	-1.897	X
economy-6779	219	112	-1.038	-1.038	PROPN
economy-6779	219	113	*	*	PUNCT
economy-6779	219	114	-0.304	-0.304	NUM
economy-6779	219	115	0.076	0.076	NUM
economy-6779	219	116	-0.121	-0.121	NUM
economy-6779	219	117	0.640	0.640	NUM
economy-6779	219	118	-7.418	-7.418	PUNCT
economy-6779	219	119	ipi	ipi	PROPN
economy-6779	219	120	29.213	29.213	NUM
economy-6779	219	121	-11.446	-11.446	X
economy-6779	219	122	-2.533	-2.533	ADP
economy-6779	219	123	1.684	1.684	NUM
economy-6779	219	124	5.351	5.351	NUM
economy-6779	219	125	*	*	PUNCT
economy-6779	219	126	*	*	PUNCT
economy-6779	219	127	-0.419	-0.419	PUNCT
economy-6779	219	128	-0.750	-0.750	NOUN
economy-6779	219	129	0.044	0.044	NUM
economy-6779	219	130	-16.200	-16.200	PUNCT
economy-6779	219	131	8.474	8.474	NUM
economy-6779	219	132	m2	m2	PROPN
economy-6779	219	133	6.320	6.320	NUM
economy-6779	219	134	-0.962	-0.962	SYM
economy-6779	220	1	10.487	10.487	NUM
economy-6779	220	2	-10.605	-10.605	NUM
economy-6779	220	3	3.407	3.407	NUM
economy-6779	220	4	-1.520	-1.520	NOUN
economy-6779	220	5	1.772	1.772	NUM
economy-6779	220	6	1.297	1.297	NUM
economy-6779	220	7	17.017	17.017	NUM
economy-6779	220	8	-20.234	-20.234	PUNCT
economy-6779	220	9	allshr	allshr	NOUN
economy-6779	220	10	7.368	7.368	NUM
economy-6779	220	11	0.115	0.115	NUM
economy-6779	220	12	-0.449	-0.449	NOUN
economy-6779	220	13	-0.008	-0.008	NOUN
economy-6779	220	14	0.035	0.035	NUM
economy-6779	220	15	-0.045	-0.045	PUNCT
economy-6779	220	16	-0.154	-0.154	PUNCT
economy-6779	220	17	0.0248	0.0248	NUM
economy-6779	220	18	-2.360	-2.360	PUNCT
economy-6779	220	19	0.206	0.206	NUM
economy-6779	220	20	note	note	NOUN
economy-6779	220	21	:	:	PUNCT
economy-6779	220	22	*	*	PUNCT
economy-6779	220	23	*	*	PUNCT
economy-6779	220	24	*	*	PUNCT
economy-6779	220	25	indicates	indicate	VERB
economy-6779	220	26	significant	significant	ADJ
economy-6779	220	27	at	at	ADP
economy-6779	220	28	1	1	NUM
economy-6779	220	29	%	%	NOUN
economy-6779	220	30	(	(	PUNCT
economy-6779	220	31	2.58	2.58	NUM
economy-6779	220	32	)	)	PUNCT
economy-6779	220	33	,	,	PUNCT
economy-6779	220	34	*	*	PUNCT
economy-6779	220	35	*	*	PUNCT
economy-6779	220	36	at	at	ADP
economy-6779	220	37	5	5	NUM
economy-6779	220	38	%	%	NOUN
economy-6779	220	39	(	(	PUNCT
economy-6779	220	40	1.96	1.96	NUM
economy-6779	220	41	)	)	PUNCT
economy-6779	220	42	,	,	PUNCT
economy-6779	220	43	*	*	PUNCT
economy-6779	220	44	at	at	ADP
economy-6779	220	45	10	10	NUM
economy-6779	220	46	%	%	NOUN
economy-6779	220	47	(	(	PUNCT
economy-6779	220	48	1.65	1.65	NUM
economy-6779	220	49	)	)	PUNCT
economy-6779	220	50	.	.	PUNCT
economy-6779	221	1	4.2	4.2	NUM
economy-6779	221	2	.	.	PUNCT
economy-6779	222	1	transition	transition	NOUN
economy-6779	222	2	probabilities	probability	NOUN
economy-6779	222	3	the	the	DET
economy-6779	222	4	constant	constant	ADJ
economy-6779	222	5	markov	markov	NOUN
economy-6779	222	6	transition	transition	NOUN
economy-6779	222	7	probabilities	probability	NOUN
economy-6779	222	8	and	and	CCONJ
economy-6779	222	9	expected	expect	VERB
economy-6779	222	10	durations	duration	NOUN
economy-6779	222	11	for	for	ADP
economy-6779	222	12	sample	sample	NOUN
economy-6779	222	13	1990q1	1990q1	PROPN
economy-6779	222	14	to	to	ADP
economy-6779	222	15	2023q4	2023q4	PROPN
economy-6779	222	16	is	be	AUX
economy-6779	222	17	presented	present	VERB
economy-6779	222	18	below	below	ADV
economy-6779	222	19	.	.	PUNCT
economy-6779	223	1	note	note	VERB
economy-6779	223	2	that	that	SCONJ
economy-6779	223	3	p(i	p(i	PROPN
economy-6779	223	4	,	,	PUNCT
economy-6779	223	5	k	k	NOUN
economy-6779	223	6	)	)	PUNCT
economy-6779	223	7	=	=	PUNCT
economy-6779	223	8	𝑃(𝑠(𝑡	𝑃(𝑠(𝑡	PROPN
economy-6779	223	9	)	)	PUNCT
economy-6779	223	10	)	)	PUNCT
economy-6779	224	1	=	=	PUNCT
economy-6779	224	2	𝑘|𝑠(𝑡−1	𝑘|𝑠(𝑡−1	PROPN
economy-6779	224	3	=	=	SYM
economy-6779	224	4	𝑖	𝑖	PROPN
economy-6779	224	5	)	)	PUNCT
economy-6779	224	6	where	where	SCONJ
economy-6779	224	7	row	row	NOUN
economy-6779	224	8	=	=	SYM
economy-6779	225	1	i	i	PRON
economy-6779	225	2	and	and	CCONJ
economy-6779	225	3	column	column	NOUN
economy-6779	225	4	=	=	PROPN
economy-6779	225	5	k	k	PROPN
economy-6779	225	6	𝑃𝑖𝑗	𝑃𝑖𝑗	PROPN
economy-6779	225	7	=	=	PUNCT
economy-6779	225	8	[	[	PUNCT
economy-6779	225	9	𝑃11	𝑃11	PROPN
economy-6779	225	10	𝑃12	𝑃12	PROPN
economy-6779	225	11	𝑃21	𝑃21	PROPN
economy-6779	225	12	𝑃22	𝑃22	PROPN
economy-6779	225	13	]	]	PUNCT
economy-6779	226	1	=	=	PUNCT
economy-6779	226	2	[	[	PUNCT
economy-6779	226	3	0.923162	0.923162	NUM
economy-6779	226	4	0.076838	0.076838	NUM
economy-6779	226	5	1.000000	1.000000	NUM
economy-6779	226	6	4.91𝐸	4.91𝐸	NUM
economy-6779	226	7	−	−	NOUN
economy-6779	226	8	11	11	NUM
economy-6779	226	9	]	]	PUNCT
economy-6779	226	10	hence	hence	ADV
economy-6779	226	11	𝑃11	𝑃11	PROPN
economy-6779	226	12	=	=	SYM
economy-6779	226	13	0.923162	0.923162	NUM
economy-6779	226	14	,	,	PUNCT
economy-6779	226	15	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
economy-6779	226	16	𝑃22	𝑃22	PROPN
economy-6779	226	17	=	=	PUNCT
economy-6779	227	1	4.91𝐸	4.91𝐸	NUM
economy-6779	227	2	−	−	NOUN
economy-6779	227	3	11	11	NUM
economy-6779	227	4	.	.	PUNCT
economy-6779	228	1	𝑊ℎ𝑒𝑟𝑒	𝑊ℎ𝑒𝑟𝑒	PROPN
economy-6779	228	2	;	;	PUNCT
economy-6779	228	3	𝑃11	𝑃11	PROPN
economy-6779	228	4	+	+	CCONJ
economy-6779	228	5	𝑃12	𝑃12	PROPN
economy-6779	228	6	=	=	SYM
economy-6779	228	7	1	1	NUM
economy-6779	228	8	,	,	PUNCT
economy-6779	228	9	𝑃21	𝑃21	PROPN
economy-6779	228	10	+	+	CCONJ
economy-6779	228	11	𝑃22	𝑃22	PROPN
economy-6779	228	12	=	=	SYM
economy-6779	228	13	1	1	NUM
economy-6779	228	14	constant	constant	ADJ
economy-6779	228	15	expected	expect	VERB
economy-6779	228	16	durations	duration	NOUN
economy-6779	228	17	:	:	PUNCT
economy-6779	228	18	1	1	NUM
economy-6779	228	19	2	2	NUM
economy-6779	228	20	13.01439	13.01439	NUM
economy-6779	228	21	1.000000	1.000000	NUM
economy-6779	228	22	the	the	DET
economy-6779	228	23	transition	transition	NOUN
economy-6779	228	24	probabilities	probability	NOUN
economy-6779	228	25	output	output	NOUN
economy-6779	228	26	shows	show	VERB
economy-6779	228	27	the	the	DET
economy-6779	228	28	probability	probability	NOUN
economy-6779	228	29	of	of	ADP
economy-6779	228	30	the	the	DET
economy-6779	228	31	stock	stock	NOUN
economy-6779	228	32	market	market	NOUN
economy-6779	228	33	being	be	AUX
economy-6779	228	34	in	in	ADP
economy-6779	228	35	state	state	NOUN
economy-6779	228	36	1	1	NUM
economy-6779	228	37	or	or	CCONJ
economy-6779	228	38	state	state	NOUN
economy-6779	228	39	2	2	NUM
economy-6779	228	40	at	at	ADP
economy-6779	228	41	time	time	NOUN
economy-6779	228	42	t	t	NOUN
economy-6779	228	43	given	give	VERB
economy-6779	228	44	its	its	PRON
economy-6779	228	45	state	state	NOUN
economy-6779	228	46	at	at	ADP
economy-6779	228	47	time	time	NOUN
economy-6779	228	48	t-1	t-1	PROPN
economy-6779	228	49	.	.	PUNCT
economy-6779	229	1	the	the	DET
economy-6779	229	2	constant	constant	ADJ
economy-6779	229	3	transition	transition	NOUN
economy-6779	229	4	probabilities	probability	NOUN
economy-6779	229	5	indicate	indicate	VERB
economy-6779	229	6	that	that	SCONJ
economy-6779	229	7	when	when	SCONJ
economy-6779	229	8	the	the	DET
economy-6779	229	9	stock	stock	NOUN
economy-6779	229	10	market	market	NOUN
economy-6779	229	11	is	be	AUX
economy-6779	229	12	in	in	ADP
economy-6779	229	13	state	state	NOUN
economy-6779	229	14	1	1	NUM
economy-6779	229	15	,	,	PUNCT
economy-6779	229	16	there	there	PRON
economy-6779	229	17	is	be	VERB
economy-6779	229	18	a	a	DET
economy-6779	229	19	92.32	92.32	NUM
economy-6779	229	20	%	%	NOUN
economy-6779	229	21	probability	probability	NOUN
economy-6779	229	22	it	it	PRON
economy-6779	229	23	will	will	AUX
economy-6779	229	24	remain	remain	VERB
economy-6779	229	25	in	in	ADP
economy-6779	229	26	that	that	DET
economy-6779	229	27	state	state	NOUN
economy-6779	229	28	in	in	ADP
economy-6779	229	29	the	the	DET
economy-6779	229	30	next	next	ADJ
economy-6779	229	31	period	period	NOUN
economy-6779	229	32	and	and	CCONJ
economy-6779	229	33	a	a	DET
economy-6779	229	34	7.68	7.68	NUM
economy-6779	229	35	%	%	NOUN
economy-6779	229	36	probability	probability	NOUN
economy-6779	229	37	it	it	PRON
economy-6779	229	38	will	will	AUX
economy-6779	229	39	transition	transition	VERB
economy-6779	229	40	economy	economy	NOUN
economy-6779	229	41	,	,	PUNCT
economy-6779	229	42	2025	2025	NUM
economy-6779	229	43	,	,	PUNCT
economy-6779	229	44	12(2	12(2	NUM
economy-6779	229	45	):	):	PUNCT
economy-6779	229	46	40	40	NUM
economy-6779	229	47	-	-	SYM
economy-6779	229	48	50	50	NUM
economy-6779	229	49	46	46	NUM
economy-6779	229	50	©	©	ADP
economy-6779	229	51	2025	2025	NUM
economy-6779	229	52	by	by	ADP
economy-6779	229	53	the	the	DET
economy-6779	229	54	authors	author	NOUN
economy-6779	229	55	;	;	PUNCT
economy-6779	229	56	licensee	licensee	PROPN
economy-6779	229	57	asian	asian	ADJ
economy-6779	229	58	online	online	PROPN
economy-6779	229	59	journal	journal	PROPN
economy-6779	229	60	publishing	publishing	NOUN
economy-6779	229	61	group	group	NOUN
economy-6779	229	62	to	to	ADP
economy-6779	229	63	state	state	NOUN
economy-6779	229	64	2	2	NUM
economy-6779	229	65	.	.	PUNCT
economy-6779	229	66	on	on	ADP
economy-6779	229	67	the	the	DET
economy-6779	229	68	other	other	ADJ
economy-6779	229	69	hand	hand	NOUN
economy-6779	229	70	,	,	PUNCT
economy-6779	229	71	when	when	SCONJ
economy-6779	229	72	the	the	DET
economy-6779	229	73	stock	stock	NOUN
economy-6779	229	74	market	market	NOUN
economy-6779	229	75	is	be	AUX
economy-6779	229	76	in	in	ADP
economy-6779	229	77	a	a	DET
economy-6779	229	78	state	state	NOUN
economy-6779	229	79	2	2	NUM
economy-6779	229	80	,	,	PUNCT
economy-6779	229	81	there	there	PRON
economy-6779	229	82	is	be	VERB
economy-6779	229	83	a	a	DET
economy-6779	229	84	very	very	ADV
economy-6779	229	85	low	low	ADJ
economy-6779	229	86	probability	probability	NOUN
economy-6779	229	87	of	of	ADP
economy-6779	229	88	4.91e-11	4.91e-11	NUM
economy-6779	229	89	(	(	PUNCT
economy-6779	229	90	essentially	essentially	ADV
economy-6779	229	91	zero	zero	NUM
economy-6779	229	92	)	)	PUNCT
economy-6779	229	93	that	that	SCONJ
economy-6779	229	94	it	it	PRON
economy-6779	229	95	will	will	AUX
economy-6779	229	96	remain	remain	VERB
economy-6779	229	97	in	in	ADP
economy-6779	229	98	that	that	DET
economy-6779	229	99	state	state	NOUN
economy-6779	229	100	in	in	ADP
economy-6779	229	101	the	the	DET
economy-6779	229	102	next	next	ADJ
economy-6779	229	103	period	period	NOUN
economy-6779	229	104	,	,	PUNCT
economy-6779	229	105	and	and	CCONJ
economy-6779	229	106	a	a	DET
economy-6779	229	107	100	100	NUM
economy-6779	229	108	%	%	NOUN
economy-6779	229	109	probability	probability	NOUN
economy-6779	229	110	it	it	PRON
economy-6779	229	111	will	will	AUX
economy-6779	229	112	transition	transition	VERB
economy-6779	229	113	to	to	ADP
economy-6779	229	114	state	state	NOUN
economy-6779	229	115	1	1	NUM
economy-6779	229	116	.	.	PUNCT
economy-6779	230	1	the	the	DET
economy-6779	230	2	expected	expect	VERB
economy-6779	230	3	durations	duration	NOUN
economy-6779	230	4	provide	provide	VERB
economy-6779	230	5	the	the	DET
economy-6779	230	6	average	average	ADJ
economy-6779	230	7	length	length	NOUN
economy-6779	230	8	of	of	ADP
economy-6779	230	9	time	time	NOUN
economy-6779	230	10	the	the	DET
economy-6779	230	11	stock	stock	NOUN
economy-6779	230	12	market	market	NOUN
economy-6779	230	13	is	be	AUX
economy-6779	230	14	expected	expect	VERB
economy-6779	230	15	to	to	PART
economy-6779	230	16	remain	remain	VERB
economy-6779	230	17	in	in	ADP
economy-6779	230	18	each	each	DET
economy-6779	230	19	state	state	NOUN
economy-6779	230	20	before	before	ADP
economy-6779	230	21	transitioning	transition	VERB
economy-6779	230	22	to	to	ADP
economy-6779	230	23	the	the	DET
economy-6779	230	24	other	other	ADJ
economy-6779	230	25	state	state	NOUN
economy-6779	230	26	.	.	PUNCT
economy-6779	231	1	the	the	DET
economy-6779	231	2	expected	expect	VERB
economy-6779	231	3	duration	duration	NOUN
economy-6779	231	4	for	for	ADP
economy-6779	231	5	state	state	NOUN
economy-6779	231	6	1	1	NUM
economy-6779	231	7	is	be	AUX
economy-6779	231	8	13.01	13.01	NUM
economy-6779	231	9	quarters	quarter	NOUN
economy-6779	231	10	,	,	PUNCT
economy-6779	231	11	while	while	SCONJ
economy-6779	231	12	the	the	DET
economy-6779	231	13	expected	expect	VERB
economy-6779	231	14	duration	duration	NOUN
economy-6779	231	15	for	for	ADP
economy-6779	231	16	state	state	NOUN
economy-6779	231	17	2	2	NUM
economy-6779	231	18	is	be	AUX
economy-6779	231	19	1	1	NUM
economy-6779	231	20	quarter	quarter	NOUN
economy-6779	231	21	.	.	PUNCT
economy-6779	232	1	these	these	DET
economy-6779	232	2	transition	transition	NOUN
economy-6779	232	3	probabilities	probability	NOUN
economy-6779	232	4	and	and	CCONJ
economy-6779	232	5	expected	expect	VERB
economy-6779	232	6	durations	duration	NOUN
economy-6779	232	7	suggest	suggest	VERB
economy-6779	232	8	that	that	SCONJ
economy-6779	232	9	the	the	DET
economy-6779	232	10	stock	stock	NOUN
economy-6779	232	11	market	market	NOUN
economy-6779	232	12	is	be	AUX
economy-6779	232	13	more	more	ADV
economy-6779	232	14	likely	likely	ADJ
economy-6779	232	15	to	to	PART
economy-6779	232	16	remain	remain	VERB
economy-6779	232	17	in	in	ADP
economy-6779	232	18	state	state	NOUN
economy-6779	232	19	1	1	NUM
economy-6779	232	20	for	for	ADP
economy-6779	232	21	an	an	DET
economy-6779	232	22	extended	extended	ADJ
economy-6779	232	23	period	period	NOUN
economy-6779	232	24	,	,	PUNCT
economy-6779	232	25	and	and	CCONJ
economy-6779	232	26	if	if	SCONJ
economy-6779	232	27	it	it	PRON
economy-6779	232	28	transitions	transition	VERB
economy-6779	232	29	to	to	PART
economy-6779	232	30	state	state	NOUN
economy-6779	232	31	2	2	NUM
economy-6779	232	32	,	,	PUNCT
economy-6779	232	33	it	it	PRON
economy-6779	232	34	is	be	AUX
economy-6779	232	35	likely	likely	ADJ
economy-6779	232	36	to	to	PART
economy-6779	232	37	return	return	VERB
economy-6779	232	38	to	to	ADP
economy-6779	232	39	a	a	DET
economy-6779	232	40	state	state	NOUN
economy-6779	232	41	1	1	NUM
economy-6779	232	42	relatively	relatively	ADV
economy-6779	232	43	quickly	quickly	ADV
economy-6779	232	44	.	.	PUNCT
economy-6779	233	1	this	this	DET
economy-6779	233	2	asymmetric	asymmetric	ADJ
economy-6779	233	3	response	response	NOUN
economy-6779	233	4	of	of	ADP
economy-6779	233	5	the	the	DET
economy-6779	233	6	stock	stock	NOUN
economy-6779	233	7	market	market	NOUN
economy-6779	233	8	to	to	ADP
economy-6779	233	9	both	both	DET
economy-6779	233	10	states	state	NOUN
economy-6779	233	11	may	may	AUX
economy-6779	233	12	be	be	AUX
economy-6779	233	13	due	due	ADJ
economy-6779	233	14	to	to	ADP
economy-6779	233	15	the	the	DET
economy-6779	233	16	influence	influence	NOUN
economy-6779	233	17	of	of	ADP
economy-6779	233	18	monetary	monetary	ADJ
economy-6779	233	19	policy	policy	NOUN
economy-6779	233	20	,	,	PUNCT
economy-6779	233	21	as	as	SCONJ
economy-6779	233	22	the	the	DET
economy-6779	233	23	var	var	NOUN
economy-6779	233	24	model	model	NOUN
economy-6779	233	25	suggests	suggest	VERB
economy-6779	233	26	.	.	PUNCT
economy-6779	234	1	the	the	DET
economy-6779	234	2	probability	probability	NOUN
economy-6779	234	3	of	of	ADP
economy-6779	234	4	being	be	AUX
economy-6779	234	5	in	in	ADP
economy-6779	234	6	state	state	NOUN
economy-6779	234	7	1	1	NUM
economy-6779	234	8	(	(	PUNCT
economy-6779	234	9	recession	recession	NOUN
economy-6779	234	10	economy	economy	NOUN
economy-6779	234	11	that	that	PRON
economy-6779	234	12	is	be	AUX
economy-6779	234	13	the	the	DET
economy-6779	234	14	bear	bear	NOUN
economy-6779	234	15	market	market	NOUN
economy-6779	234	16	period	period	NOUN
economy-6779	234	17	)	)	PUNCT
economy-6779	234	18	as	as	SCONJ
economy-6779	234	19	indicated	indicate	VERB
economy-6779	234	20	in	in	ADP
economy-6779	234	21	figure	figure	NOUN
economy-6779	234	22	1	1	NUM
economy-6779	234	23	is	be	AUX
economy-6779	234	24	relatively	relatively	ADV
economy-6779	234	25	high	high	ADJ
economy-6779	234	26	during	during	ADP
economy-6779	234	27	the	the	DET
economy-6779	234	28	period	period	NOUN
economy-6779	234	29	of	of	ADP
economy-6779	234	30	2009	2009	NUM
economy-6779	234	31	to	to	ADP
economy-6779	234	32	2013	2013	NUM
economy-6779	234	33	,	,	PUNCT
economy-6779	234	34	but	but	CCONJ
economy-6779	234	35	it	it	PRON
economy-6779	234	36	gradually	gradually	ADV
economy-6779	234	37	decreases	decrease	VERB
economy-6779	234	38	afterwards	afterwards	ADV
economy-6779	234	39	.	.	PUNCT
economy-6779	235	1	also	also	ADV
economy-6779	235	2	,	,	PUNCT
economy-6779	235	3	the	the	DET
economy-6779	235	4	probability	probability	NOUN
economy-6779	235	5	of	of	ADP
economy-6779	235	6	being	be	AUX
economy-6779	235	7	in	in	ADP
economy-6779	235	8	state	state	NOUN
economy-6779	235	9	2	2	NUM
economy-6779	235	10	(	(	PUNCT
economy-6779	235	11	expansion	expansion	NOUN
economy-6779	235	12	economy	economy	NOUN
economy-6779	235	13	that	that	PRON
economy-6779	235	14	is	be	AUX
economy-6779	235	15	the	the	DET
economy-6779	235	16	bull	bull	NOUN
economy-6779	235	17	market	market	NOUN
economy-6779	235	18	period	period	NOUN
economy-6779	235	19	)	)	PUNCT
economy-6779	235	20	is	be	AUX
economy-6779	235	21	relatively	relatively	ADV
economy-6779	235	22	low	low	ADJ
economy-6779	235	23	during	during	ADP
economy-6779	235	24	the	the	DET
economy-6779	235	25	period	period	NOUN
economy-6779	235	26	of	of	ADP
economy-6779	235	27	2009	2009	NUM
economy-6779	235	28	to	to	ADP
economy-6779	235	29	2013	2013	NUM
economy-6779	235	30	,	,	PUNCT
economy-6779	235	31	but	but	CCONJ
economy-6779	235	32	it	it	PRON
economy-6779	235	33	gradually	gradually	ADV
economy-6779	235	34	increases	increase	VERB
economy-6779	235	35	afterwards	afterwards	ADV
economy-6779	235	36	.	.	PUNCT
economy-6779	236	1	consequently	consequently	ADV
economy-6779	236	2	,	,	PUNCT
economy-6779	236	3	from	from	ADP
economy-6779	236	4	around	around	ADP
economy-6779	236	5	2016	2016	NUM
economy-6779	236	6	onwards	onward	NOUN
economy-6779	236	7	,	,	PUNCT
economy-6779	236	8	the	the	DET
economy-6779	236	9	probability	probability	NOUN
economy-6779	236	10	of	of	ADP
economy-6779	236	11	being	be	AUX
economy-6779	236	12	in	in	ADP
economy-6779	236	13	state	state	NOUN
economy-6779	236	14	2	2	NUM
economy-6779	236	15	becomes	become	VERB
economy-6779	236	16	higher	high	ADJ
economy-6779	236	17	than	than	ADP
economy-6779	236	18	the	the	DET
economy-6779	236	19	probability	probability	NOUN
economy-6779	236	20	of	of	ADP
economy-6779	236	21	being	be	AUX
economy-6779	236	22	in	in	ADP
economy-6779	236	23	state	state	NOUN
economy-6779	236	24	1	1	NUM
economy-6779	236	25	,	,	PUNCT
economy-6779	236	26	indicating	indicate	VERB
economy-6779	236	27	that	that	SCONJ
economy-6779	236	28	the	the	DET
economy-6779	236	29	economy	economy	NOUN
economy-6779	236	30	is	be	AUX
economy-6779	236	31	more	more	ADV
economy-6779	236	32	likely	likely	ADJ
economy-6779	236	33	to	to	PART
economy-6779	236	34	be	be	AUX
economy-6779	236	35	in	in	ADP
economy-6779	236	36	an	an	DET
economy-6779	236	37	expansion	expansion	NOUN
economy-6779	236	38	state	state	NOUN
economy-6779	236	39	than	than	ADP
economy-6779	236	40	a	a	DET
economy-6779	236	41	recession	recession	NOUN
economy-6779	236	42	state	state	NOUN
economy-6779	236	43	during	during	ADP
economy-6779	236	44	this	this	DET
economy-6779	236	45	period	period	NOUN
economy-6779	236	46	.	.	PUNCT
economy-6779	237	1	in	in	ADP
economy-6779	237	2	all	all	PRON
economy-6779	237	3	,	,	PUNCT
economy-6779	237	4	the	the	DET
economy-6779	237	5	smoothed	smooth	VERB
economy-6779	237	6	regime	regime	NOUN
economy-6779	237	7	probabilities	probability	NOUN
economy-6779	237	8	suggests	suggest	VERB
economy-6779	237	9	that	that	SCONJ
economy-6779	237	10	the	the	DET
economy-6779	237	11	economy	economy	NOUN
economy-6779	237	12	went	go	VERB
economy-6779	237	13	through	through	ADP
economy-6779	237	14	a	a	DET
economy-6779	237	15	period	period	NOUN
economy-6779	237	16	of	of	ADP
economy-6779	237	17	recession	recession	NOUN
economy-6779	237	18	during	during	ADP
economy-6779	237	19	the	the	DET
economy-6779	237	20	aftermath	aftermath	NOUN
economy-6779	237	21	of	of	ADP
economy-6779	237	22	the	the	DET
economy-6779	237	23	2008	2008	NUM
economy-6779	237	24	financial	financial	ADJ
economy-6779	237	25	crisis	crisis	NOUN
economy-6779	237	26	,	,	PUNCT
economy-6779	237	27	but	but	CCONJ
economy-6779	237	28	it	it	PRON
economy-6779	237	29	gradually	gradually	ADV
economy-6779	237	30	recovered	recover	VERB
economy-6779	237	31	and	and	CCONJ
economy-6779	237	32	shifted	shift	VERB
economy-6779	237	33	towards	towards	ADP
economy-6779	237	34	an	an	DET
economy-6779	237	35	expansion	expansion	NOUN
economy-6779	237	36	state	state	NOUN
economy-6779	237	37	in	in	ADP
economy-6779	237	38	the	the	DET
economy-6779	237	39	following	following	ADJ
economy-6779	237	40	years	year	NOUN
economy-6779	237	41	.	.	PUNCT
economy-6779	238	1	figure	figure	NOUN
economy-6779	238	2	1	1	NUM
economy-6779	238	3	.	.	PUNCT
economy-6779	238	4	markov	markov	NOUN
economy-6779	238	5	switching	switch	VERB
economy-6779	238	6	probabilities	probability	NOUN
economy-6779	238	7	.	.	PUNCT
economy-6779	239	1	as	as	SCONJ
economy-6779	239	2	indicated	indicate	VERB
economy-6779	239	3	in	in	ADP
economy-6779	239	4	the	the	DET
economy-6779	239	5	figure	figure	NOUN
economy-6779	239	6	2a	2a	NUM
economy-6779	239	7	,	,	PUNCT
economy-6779	239	8	the	the	DET
economy-6779	239	9	response	response	NOUN
economy-6779	239	10	of	of	ADP
economy-6779	239	11	nasi	nasi	NOUN
economy-6779	239	12	to	to	PART
economy-6779	239	13	intr	intr	VERB
economy-6779	239	14	(	(	PUNCT
economy-6779	239	15	monetary	monetary	ADJ
economy-6779	239	16	policy	policy	NOUN
economy-6779	239	17	)	)	PUNCT
economy-6779	239	18	shocks	shock	NOUN
economy-6779	239	19	is	be	AUX
economy-6779	239	20	mostly	mostly	ADV
economy-6779	239	21	positive	positive	ADJ
economy-6779	239	22	,	,	PUNCT
economy-6779	239	23	except	except	SCONJ
economy-6779	239	24	for	for	ADP
economy-6779	239	25	the	the	DET
economy-6779	239	26	second	second	ADJ
economy-6779	239	27	period	period	NOUN
economy-6779	239	28	where	where	SCONJ
economy-6779	239	29	it	it	PRON
economy-6779	239	30	is	be	AUX
economy-6779	239	31	negative	negative	ADJ
economy-6779	239	32	.	.	PUNCT
economy-6779	240	1	this	this	PRON
economy-6779	240	2	suggests	suggest	VERB
economy-6779	240	3	that	that	SCONJ
economy-6779	240	4	during	during	ADP
economy-6779	240	5	state	state	NOUN
economy-6779	240	6	1	1	NUM
economy-6779	240	7	,	,	PUNCT
economy-6779	240	8	monetary	monetary	ADJ
economy-6779	240	9	policy	policy	NOUN
economy-6779	240	10	has	have	VERB
economy-6779	240	11	a	a	DET
economy-6779	240	12	positive	positive	ADJ
economy-6779	240	13	impact	impact	NOUN
economy-6779	240	14	on	on	ADP
economy-6779	240	15	stock	stock	NOUN
economy-6779	240	16	market	market	NOUN
economy-6779	240	17	volatility	volatility	NOUN
economy-6779	240	18	,	,	PUNCT
economy-6779	240	19	except	except	SCONJ
economy-6779	240	20	for	for	ADP
economy-6779	240	21	the	the	DET
economy-6779	240	22	immediate	immediate	ADJ
economy-6779	240	23	response	response	NOUN
economy-6779	240	24	.	.	PUNCT
economy-6779	241	1	however	however	ADV
economy-6779	241	2	,	,	PUNCT
economy-6779	241	3	we	we	PRON
economy-6779	241	4	also	also	ADV
economy-6779	241	5	see	see	VERB
economy-6779	241	6	that	that	SCONJ
economy-6779	241	7	the	the	DET
economy-6779	241	8	magnitudes	magnitude	NOUN
economy-6779	241	9	of	of	ADP
economy-6779	241	10	the	the	DET
economy-6779	241	11	responses	response	NOUN
economy-6779	241	12	are	be	AUX
economy-6779	241	13	relatively	relatively	ADV
economy-6779	241	14	small	small	ADJ
economy-6779	241	15	.	.	PUNCT
economy-6779	242	1	the	the	DET
economy-6779	242	2	largest	large	ADJ
economy-6779	242	3	response	response	NOUN
economy-6779	242	4	occurs	occur	VERB
economy-6779	242	5	in	in	ADP
economy-6779	242	6	period	period	NOUN
economy-6779	242	7	3	3	NUM
economy-6779	242	8	,	,	PUNCT
economy-6779	242	9	where	where	SCONJ
economy-6779	242	10	the	the	DET
economy-6779	242	11	increase	increase	NOUN
economy-6779	242	12	in	in	ADP
economy-6779	242	13	stock	stock	NOUN
economy-6779	242	14	market	market	NOUN
economy-6779	242	15	volatility	volatility	NOUN
economy-6779	242	16	due	due	ADP
economy-6779	242	17	to	to	ADP
economy-6779	242	18	monetary	monetary	ADJ
economy-6779	242	19	policy	policy	NOUN
economy-6779	242	20	shock	shock	NOUN
economy-6779	242	21	is	be	AUX
economy-6779	242	22	around	around	ADV
economy-6779	242	23	0.009	0.009	NUM
economy-6779	242	24	.	.	PUNCT
economy-6779	243	1	in	in	ADP
economy-6779	243	2	contrast	contrast	NOUN
economy-6779	243	3	,	,	PUNCT
economy-6779	243	4	the	the	DET
economy-6779	243	5	smallest	small	ADJ
economy-6779	243	6	response	response	NOUN
economy-6779	243	7	occurs	occur	VERB
economy-6779	243	8	in	in	ADP
economy-6779	243	9	period	period	NOUN
economy-6779	243	10	10	10	NUM
economy-6779	243	11	,	,	PUNCT
economy-6779	243	12	where	where	SCONJ
economy-6779	243	13	the	the	DET
economy-6779	243	14	increase	increase	NOUN
economy-6779	243	15	in	in	ADP
economy-6779	243	16	stock	stock	NOUN
economy-6779	243	17	market	market	NOUN
economy-6779	243	18	volatility	volatility	NOUN
economy-6779	243	19	due	due	ADP
economy-6779	243	20	to	to	ADP
economy-6779	243	21	monetary	monetary	ADJ
economy-6779	243	22	policy	policy	NOUN
economy-6779	243	23	shock	shock	NOUN
economy-6779	243	24	is	be	AUX
economy-6779	243	25	only	only	ADV
economy-6779	243	26	0.000394	0.000394	NUM
economy-6779	243	27	.	.	PUNCT
economy-6779	244	1	in	in	ADP
economy-6779	244	2	all	all	PRON
economy-6779	244	3	,	,	PUNCT
economy-6779	244	4	the	the	DET
economy-6779	244	5	regime	regime	NOUN
economy-6779	244	6	1	1	NUM
economy-6779	244	7	irf	irf	NOUN
economy-6779	244	8	suggests	suggest	VERB
economy-6779	244	9	that	that	SCONJ
economy-6779	244	10	there	there	PRON
economy-6779	244	11	is	be	VERB
economy-6779	244	12	a	a	DET
economy-6779	244	13	slightly	slightly	ADV
economy-6779	244	14	positive	positive	ADJ
economy-6779	244	15	reaction	reaction	NOUN
economy-6779	244	16	of	of	ADP
economy-6779	244	17	stock	stock	NOUN
economy-6779	244	18	market	market	NOUN
economy-6779	244	19	volatility	volatility	NOUN
economy-6779	244	20	to	to	ADP
economy-6779	244	21	changes	change	NOUN
economy-6779	244	22	in	in	ADP
economy-6779	244	23	monetary	monetary	ADJ
economy-6779	244	24	policy	policy	NOUN
economy-6779	244	25	,	,	PUNCT
economy-6779	244	26	but	but	CCONJ
economy-6779	244	27	the	the	DET
economy-6779	244	28	magnitudes	magnitude	NOUN
economy-6779	244	29	of	of	ADP
economy-6779	244	30	the	the	DET
economy-6779	244	31	responses	response	NOUN
economy-6779	244	32	are	be	AUX
economy-6779	244	33	relatively	relatively	ADV
economy-6779	244	34	small	small	ADJ
economy-6779	244	35	.	.	PUNCT
economy-6779	245	1	economy	economy	NOUN
economy-6779	245	2	,	,	PUNCT
economy-6779	245	3	2025	2025	NUM
economy-6779	245	4	,	,	PUNCT
economy-6779	245	5	12(2	12(2	NUM
economy-6779	245	6	):	):	PUNCT
economy-6779	245	7	40	40	NUM
economy-6779	245	8	-	-	SYM
economy-6779	245	9	50	50	NUM
economy-6779	245	10	47	47	NUM
economy-6779	245	11	©	©	ADP
economy-6779	245	12	2025	2025	NUM
economy-6779	245	13	by	by	ADP
economy-6779	245	14	the	the	DET
economy-6779	245	15	authors	author	NOUN
economy-6779	245	16	;	;	PUNCT
economy-6779	245	17	licensee	licensee	PROPN
economy-6779	245	18	asian	asian	ADJ
economy-6779	245	19	online	online	PROPN
economy-6779	245	20	journal	journal	PROPN
economy-6779	245	21	publishing	publishing	NOUN
economy-6779	245	22	group	group	PROPN
economy-6779	245	23	regime	regime	NOUN
economy-6779	245	24	dependent	dependent	ADJ
economy-6779	245	25	irf	irf	PROPN
economy-6779	245	26	figure	figure	PROPN
economy-6779	245	27	2a	2a	NUM
economy-6779	245	28	.	.	PUNCT
economy-6779	246	1	regime	regime	NOUN
economy-6779	246	2	dependent	dependent	ADJ
economy-6779	246	3	irf	irf	PROPN
economy-6779	246	4	for	for	ADP
economy-6779	246	5	regime	regime	NOUN
economy-6779	246	6	1	1	NUM
economy-6779	246	7	.	.	PUNCT
economy-6779	246	8	again	again	ADV
economy-6779	246	9	,	,	PUNCT
economy-6779	246	10	as	as	SCONJ
economy-6779	246	11	indicated	indicate	VERB
economy-6779	246	12	in	in	ADP
economy-6779	246	13	figure	figure	NOUN
economy-6779	246	14	2b	2b	NOUN
economy-6779	246	15	in	in	ADP
economy-6779	246	16	regime	regime	NOUN
economy-6779	246	17	2	2	NUM
economy-6779	246	18	,	,	PUNCT
economy-6779	246	19	an	an	DET
economy-6779	246	20	increase	increase	NOUN
economy-6779	246	21	in	in	ADP
economy-6779	246	22	monetary	monetary	ADJ
economy-6779	246	23	policy	policy	NOUN
economy-6779	246	24	shock	shock	NOUN
economy-6779	246	25	(	(	PUNCT
economy-6779	246	26	intr	intr	PROPN
economy-6779	246	27	)	)	PUNCT
economy-6779	246	28	initially	initially	ADV
economy-6779	246	29	results	result	VERB
economy-6779	246	30	in	in	ADP
economy-6779	246	31	a	a	DET
economy-6779	246	32	positive	positive	ADJ
economy-6779	246	33	impact	impact	NOUN
economy-6779	246	34	on	on	ADP
economy-6779	246	35	stock	stock	NOUN
economy-6779	246	36	market	market	NOUN
economy-6779	246	37	volatility	volatility	NOUN
economy-6779	246	38	(	(	PUNCT
economy-6779	246	39	nasi	nasi	NOUN
economy-6779	246	40	)	)	PUNCT
economy-6779	246	41	.	.	PUNCT
economy-6779	247	1	however	however	ADV
economy-6779	247	2	,	,	PUNCT
economy-6779	247	3	this	this	DET
economy-6779	247	4	effect	effect	NOUN
economy-6779	247	5	is	be	AUX
economy-6779	247	6	short	short	ADV
economy-6779	247	7	-	-	PUNCT
economy-6779	247	8	lived	live	VERB
economy-6779	247	9	,	,	PUNCT
economy-6779	247	10	as	as	SCONJ
economy-6779	247	11	volatility	volatility	NOUN
economy-6779	247	12	quickly	quickly	ADV
economy-6779	247	13	declines	decline	VERB
economy-6779	247	14	into	into	ADP
economy-6779	247	15	negative	negative	ADJ
economy-6779	247	16	territory	territory	NOUN
economy-6779	247	17	in	in	ADP
economy-6779	247	18	the	the	DET
economy-6779	247	19	following	following	ADJ
economy-6779	247	20	period	period	NOUN
economy-6779	247	21	.	.	PUNCT
economy-6779	248	1	the	the	DET
economy-6779	248	2	negative	negative	ADJ
economy-6779	248	3	response	response	NOUN
economy-6779	248	4	of	of	ADP
economy-6779	248	5	stock	stock	NOUN
economy-6779	248	6	market	market	NOUN
economy-6779	248	7	volatility	volatility	NOUN
economy-6779	248	8	to	to	ADP
economy-6779	248	9	monetary	monetary	ADJ
economy-6779	248	10	policy	policy	NOUN
economy-6779	248	11	in	in	ADP
economy-6779	248	12	this	this	DET
economy-6779	248	13	regime	regime	NOUN
economy-6779	248	14	suggests	suggest	VERB
economy-6779	248	15	that	that	SCONJ
economy-6779	248	16	contractionary	contractionary	ADJ
economy-6779	248	17	monetary	monetary	ADJ
economy-6779	248	18	policy	policy	NOUN
economy-6779	248	19	can	can	AUX
economy-6779	248	20	negatively	negatively	ADV
economy-6779	248	21	affect	affect	VERB
economy-6779	248	22	the	the	DET
economy-6779	248	23	stock	stock	NOUN
economy-6779	248	24	market	market	NOUN
economy-6779	248	25	during	during	ADP
economy-6779	248	26	bear	bear	NOUN
economy-6779	248	27	markets	market	NOUN
economy-6779	248	28	.	.	PUNCT
economy-6779	249	1	conversely	conversely	ADV
economy-6779	249	2	,	,	PUNCT
economy-6779	249	3	an	an	DET
economy-6779	249	4	increase	increase	NOUN
economy-6779	249	5	in	in	ADP
economy-6779	249	6	monetary	monetary	ADJ
economy-6779	249	7	policy	policy	NOUN
economy-6779	249	8	shock	shock	NOUN
economy-6779	249	9	also	also	ADV
economy-6779	249	10	leads	lead	VERB
economy-6779	249	11	to	to	ADP
economy-6779	249	12	an	an	DET
economy-6779	249	13	initial	initial	ADJ
economy-6779	249	14	positive	positive	ADJ
economy-6779	249	15	impact	impact	NOUN
economy-6779	249	16	on	on	ADP
economy-6779	249	17	stock	stock	NOUN
economy-6779	249	18	market	market	NOUN
economy-6779	249	19	volatility	volatility	NOUN
economy-6779	249	20	in	in	ADP
economy-6779	249	21	the	the	DET
economy-6779	249	22	first	first	ADJ
economy-6779	249	23	period	period	NOUN
economy-6779	249	24	,	,	PUNCT
economy-6779	249	25	but	but	CCONJ
economy-6779	249	26	this	this	DET
economy-6779	249	27	effect	effect	NOUN
economy-6779	249	28	strengthens	strengthen	VERB
economy-6779	249	29	in	in	ADP
economy-6779	249	30	subsequent	subsequent	ADJ
economy-6779	249	31	periods	period	NOUN
economy-6779	249	32	and	and	CCONJ
economy-6779	249	33	lasts	last	VERB
economy-6779	249	34	longer	long	ADV
economy-6779	249	35	.	.	PUNCT
economy-6779	250	1	the	the	DET
economy-6779	250	2	positive	positive	ADJ
economy-6779	250	3	response	response	NOUN
economy-6779	250	4	of	of	ADP
economy-6779	250	5	stock	stock	NOUN
economy-6779	250	6	market	market	NOUN
economy-6779	250	7	volatility	volatility	NOUN
economy-6779	250	8	to	to	ADP
economy-6779	250	9	monetary	monetary	ADJ
economy-6779	250	10	policy	policy	NOUN
economy-6779	250	11	in	in	ADP
economy-6779	250	12	this	this	DET
economy-6779	250	13	regime	regime	NOUN
economy-6779	250	14	indicates	indicate	VERB
economy-6779	250	15	that	that	SCONJ
economy-6779	250	16	expansionary	expansionary	ADJ
economy-6779	250	17	monetary	monetary	ADJ
economy-6779	250	18	policy	policy	NOUN
economy-6779	250	19	can	can	AUX
economy-6779	250	20	have	have	VERB
economy-6779	250	21	a	a	DET
economy-6779	250	22	stimulating	stimulating	ADJ
economy-6779	250	23	effect	effect	NOUN
economy-6779	250	24	on	on	ADP
economy-6779	250	25	the	the	DET
economy-6779	250	26	stock	stock	NOUN
economy-6779	250	27	market	market	NOUN
economy-6779	250	28	during	during	ADP
economy-6779	250	29	bull	bull	NOUN
economy-6779	250	30	markets	market	NOUN
economy-6779	250	31	.	.	PUNCT
economy-6779	251	1	this	this	PRON
economy-6779	251	2	supports	support	VERB
economy-6779	251	3	one	one	NUM
economy-6779	251	4	view	view	NOUN
economy-6779	251	5	of	of	ADP
economy-6779	251	6	how	how	SCONJ
economy-6779	251	7	monetary	monetary	ADJ
economy-6779	251	8	policy	policy	NOUN
economy-6779	251	9	affects	affect	VERB
economy-6779	251	10	the	the	DET
economy-6779	251	11	stock	stock	NOUN
economy-6779	251	12	market	market	NOUN
economy-6779	251	13	,	,	PUNCT
economy-6779	251	14	which	which	PRON
economy-6779	251	15	suggests	suggest	VERB
economy-6779	251	16	that	that	SCONJ
economy-6779	251	17	an	an	DET
economy-6779	251	18	increase	increase	NOUN
economy-6779	251	19	in	in	ADP
economy-6779	251	20	the	the	DET
economy-6779	251	21	money	money	NOUN
economy-6779	251	22	supply	supply	NOUN
economy-6779	251	23	leads	lead	VERB
economy-6779	251	24	to	to	ADP
economy-6779	251	25	higher	high	ADJ
economy-6779	251	26	stock	stock	NOUN
economy-6779	251	27	prices	price	NOUN
economy-6779	251	28	,	,	PUNCT
economy-6779	251	29	thereby	thereby	ADV
economy-6779	251	30	stimulating	stimulate	VERB
economy-6779	251	31	both	both	CCONJ
economy-6779	251	32	the	the	DET
economy-6779	251	33	stock	stock	NOUN
economy-6779	251	34	market	market	NOUN
economy-6779	251	35	and	and	CCONJ
economy-6779	251	36	the	the	DET
economy-6779	251	37	wider	wide	ADJ
economy-6779	251	38	economy	economy	NOUN
economy-6779	251	39	.	.	PUNCT
economy-6779	252	1	since	since	SCONJ
economy-6779	252	2	stock	stock	NOUN
economy-6779	252	3	prices	price	NOUN
economy-6779	252	4	are	be	AUX
economy-6779	252	5	influenced	influence	VERB
economy-6779	252	6	by	by	ADP
economy-6779	252	7	expected	expect	VERB
economy-6779	252	8	dividends	dividend	NOUN
economy-6779	252	9	and	and	CCONJ
economy-6779	252	10	interest	interest	NOUN
economy-6779	252	11	rates	rate	NOUN
economy-6779	252	12	,	,	PUNCT
economy-6779	252	13	any	any	DET
economy-6779	252	14	unexpected	unexpected	ADJ
economy-6779	252	15	changes	change	NOUN
economy-6779	252	16	in	in	ADP
economy-6779	252	17	monetary	monetary	ADJ
economy-6779	252	18	policy	policy	NOUN
economy-6779	252	19	are	be	AUX
economy-6779	252	20	likely	likely	ADJ
economy-6779	252	21	to	to	PART
economy-6779	252	22	impact	impact	VERB
economy-6779	252	23	stock	stock	NOUN
economy-6779	252	24	prices	price	NOUN
economy-6779	252	25	either	either	CCONJ
economy-6779	252	26	directly	directly	ADV
economy-6779	252	27	through	through	ADP
economy-6779	252	28	the	the	DET
economy-6779	252	29	interest	interest	NOUN
economy-6779	252	30	rate	rate	NOUN
economy-6779	252	31	channel	channel	NOUN
economy-6779	252	32	or	or	CCONJ
economy-6779	252	33	indirectly	indirectly	ADV
economy-6779	252	34	by	by	ADP
economy-6779	252	35	altering	alter	VERB
economy-6779	252	36	the	the	DET
economy-6779	252	37	factors	factor	NOUN
economy-6779	252	38	that	that	PRON
economy-6779	252	39	affect	affect	VERB
economy-6779	252	40	dividends	dividend	NOUN
economy-6779	252	41	.	.	PUNCT
economy-6779	253	1	the	the	DET
economy-6779	253	2	findings	finding	NOUN
economy-6779	253	3	of	of	ADP
economy-6779	253	4	this	this	DET
economy-6779	253	5	study	study	NOUN
economy-6779	253	6	align	align	VERB
economy-6779	253	7	with	with	ADP
economy-6779	253	8	those	those	PRON
economy-6779	253	9	of	of	ADP
economy-6779	253	10	zare	zare	PROPN
economy-6779	253	11	et	et	PROPN
economy-6779	253	12	al	al	PROPN
economy-6779	253	13	.	.	PROPN
economy-6779	254	1	(	(	PUNCT
economy-6779	254	2	2013	2013	NUM
economy-6779	254	3	)	)	PUNCT
economy-6779	254	4	.	.	PUNCT
economy-6779	255	1	figure	figure	NOUN
economy-6779	255	2	2b	2b	NUM
economy-6779	255	3	.	.	PUNCT
economy-6779	256	1	regime	regime	NOUN
economy-6779	256	2	dependent	dependent	ADJ
economy-6779	256	3	irf	irf	PROPN
economy-6779	256	4	for	for	ADP
economy-6779	256	5	regime	regime	NOUN
economy-6779	256	6	2	2	NUM
economy-6779	256	7	.	.	NUM
economy-6779	256	8	4.3	4.3	NUM
economy-6779	256	9	.	.	PUNCT
economy-6779	257	1	diagnostic	diagnostic	ADJ
economy-6779	257	2	checks	check	NOUN
economy-6779	257	3	the	the	DET
economy-6779	257	4	reliability	reliability	NOUN
economy-6779	257	5	of	of	ADP
economy-6779	257	6	any	any	DET
economy-6779	257	7	estimated	estimate	VERB
economy-6779	257	8	econometric	econometric	ADJ
economy-6779	257	9	model	model	NOUN
economy-6779	257	10	is	be	AUX
economy-6779	257	11	based	base	VERB
economy-6779	257	12	on	on	ADP
economy-6779	257	13	passing	pass	VERB
economy-6779	257	14	some	some	DET
economy-6779	257	15	diagnostic	diagnostic	ADJ
economy-6779	257	16	check	check	NOUN
economy-6779	257	17	.	.	PUNCT
economy-6779	258	1	the	the	DET
economy-6779	258	2	most	most	ADV
economy-6779	258	3	known	know	VERB
economy-6779	258	4	diagnostic	diagnostic	ADJ
economy-6779	258	5	check	check	NOUN
economy-6779	258	6	in	in	ADP
economy-6779	258	7	var	var	NOUN
economy-6779	258	8	framework	framework	NOUN
economy-6779	258	9	are	be	AUX
economy-6779	258	10	the	the	DET
economy-6779	258	11	serial	serial	ADJ
economy-6779	258	12	correlation	correlation	NOUN
economy-6779	258	13	and	and	CCONJ
economy-6779	258	14	normality	normality	NOUN
economy-6779	258	15	test	test	NOUN
economy-6779	258	16	.	.	PUNCT
economy-6779	259	1	this	this	DET
economy-6779	259	2	study	study	NOUN
economy-6779	259	3	employs	employ	VERB
economy-6779	259	4	the	the	DET
economy-6779	259	5	breusch	breusch	NOUN
economy-6779	259	6	-	-	PUNCT
economy-6779	259	7	godfrey	godfrey	NOUN
economy-6779	259	8	test	test	NOUN
economy-6779	259	9	for	for	ADP
economy-6779	259	10	serial	serial	ADJ
economy-6779	259	11	correlation	correlation	NOUN
economy-6779	259	12	and	and	CCONJ
economy-6779	259	13	the	the	DET
economy-6779	259	14	ar	ar	NOUN
economy-6779	259	15	roots	root	NOUN
economy-6779	259	16	test	test	VERB
economy-6779	259	17	for	for	ADP
economy-6779	259	18	normality	normality	NOUN
economy-6779	259	19	.	.	PUNCT
economy-6779	260	1	the	the	DET
economy-6779	260	2	result	result	NOUN
economy-6779	260	3	for	for	ADP
economy-6779	260	4	the	the	DET
economy-6779	260	5	model	model	NOUN
economy-6779	260	6	estimated	estimate	VERB
economy-6779	260	7	for	for	ADP
economy-6779	260	8	nigeria	nigeria	PROPN
economy-6779	260	9	is	be	AUX
economy-6779	260	10	presented	present	VERB
economy-6779	260	11	with	with	ADP
economy-6779	260	12	table	table	NOUN
economy-6779	260	13	2	2	NUM
economy-6779	260	14	for	for	ADP
economy-6779	260	15	stability	stability	NOUN
economy-6779	260	16	test	test	NOUN
economy-6779	260	17	as	as	ADV
economy-6779	260	18	well	well	ADV
economy-6779	260	19	as	as	ADP
economy-6779	260	20	figure	figure	NOUN
economy-6779	260	21	3	3	NUM
economy-6779	260	22	and	and	CCONJ
economy-6779	260	23	table	table	NOUN
economy-6779	260	24	3	3	NUM
economy-6779	260	25	for	for	ADP
economy-6779	260	26	serial	serial	ADJ
economy-6779	260	27	correlation	correlation	NOUN
economy-6779	260	28	test	test	NOUN
economy-6779	260	29	of	of	ADP
economy-6779	260	30	the	the	DET
economy-6779	260	31	model	model	NOUN
economy-6779	260	32	.	.	PUNCT
economy-6779	261	1	the	the	DET
economy-6779	261	2	result	result	NOUN
economy-6779	261	3	of	of	ADP
economy-6779	261	4	the	the	DET
economy-6779	261	5	test	test	NOUN
economy-6779	261	6	indicates	indicate	VERB
economy-6779	261	7	no	no	DET
economy-6779	261	8	serial	serial	ADJ
economy-6779	261	9	correlation	correlation	NOUN
economy-6779	261	10	and	and	CCONJ
economy-6779	261	11	also	also	ADV
economy-6779	261	12	passed	pass	VERB
economy-6779	261	13	the	the	DET
economy-6779	261	14	normality	normality	NOUN
economy-6779	261	15	test	test	NOUN
economy-6779	261	16	.	.	PUNCT
economy-6779	262	1	table	table	NOUN
economy-6779	262	2	2	2	NUM
economy-6779	262	3	.	.	X
economy-6779	262	4	stability	stability	NOUN
economy-6779	262	5	test	test	NOUN
economy-6779	262	6	result	result	NOUN
economy-6779	262	7	.	.	PUNCT
economy-6779	263	1	root	root	NOUN
economy-6779	263	2	modulus	modulus	NOUN
economy-6779	263	3	0.714	0.714	NUM
economy-6779	263	4	0.714	0.714	NUM
economy-6779	263	5	0.242	0.242	NUM
economy-6779	263	6	0.242	0.242	NUM
economy-6779	263	7	0.206	0.206	NUM
economy-6779	263	8	0.206	0.206	NUM
economy-6779	263	9	0.046	0.046	NUM
economy-6779	263	10	0.046	0.046	NUM
economy-6779	263	11	economy	economy	NOUN
economy-6779	263	12	,	,	PUNCT
economy-6779	263	13	2025	2025	NUM
economy-6779	263	14	,	,	PUNCT
economy-6779	263	15	12(2	12(2	NUM
economy-6779	263	16	):	):	PUNCT
economy-6779	263	17	40	40	NUM
economy-6779	263	18	-	-	SYM
economy-6779	263	19	50	50	NUM
economy-6779	263	20	48	48	NUM
economy-6779	263	21	©	©	PROPN
economy-6779	263	22	2025	2025	NUM
economy-6779	263	23	by	by	ADP
economy-6779	263	24	the	the	DET
economy-6779	263	25	authors	author	NOUN
economy-6779	263	26	;	;	PUNCT
economy-6779	263	27	licensee	licensee	PROPN
economy-6779	263	28	asian	asian	ADJ
economy-6779	263	29	online	online	PROPN
economy-6779	263	30	journal	journal	PROPN
economy-6779	263	31	publishing	publishing	NOUN
economy-6779	263	32	group	group	NOUN
economy-6779	263	33	no	no	DET
economy-6779	263	34	root	root	NOUN
economy-6779	263	35	lies	lie	VERB
economy-6779	263	36	outside	outside	ADP
economy-6779	263	37	the	the	DET
economy-6779	263	38	unit	unit	NOUN
economy-6779	263	39	circle	circle	NOUN
economy-6779	263	40	.	.	PUNCT
economy-6779	264	1	var	var	PROPN
economy-6779	264	2	satisfies	satisfy	VERB
economy-6779	264	3	the	the	DET
economy-6779	264	4	stability	stability	NOUN
economy-6779	264	5	condition	condition	NOUN
economy-6779	264	6	.	.	PUNCT
economy-6779	265	1	figure	figure	NOUN
economy-6779	265	2	3	3	NUM
economy-6779	265	3	.	.	PUNCT
economy-6779	265	4	inverse	inverse	NOUN
economy-6779	265	5	root	root	NOUN
economy-6779	265	6	polynomial	polynomial	ADJ
economy-6779	265	7	.	.	PUNCT
economy-6779	266	1	the	the	DET
economy-6779	266	2	result	result	NOUN
economy-6779	266	3	of	of	ADP
economy-6779	266	4	the	the	DET
economy-6779	266	5	inverse	inverse	NOUN
economy-6779	266	6	root	root	NOUN
economy-6779	266	7	as	as	SCONJ
economy-6779	266	8	illustrated	illustrate	VERB
economy-6779	266	9	in	in	ADP
economy-6779	266	10	figure	figure	NOUN
economy-6779	266	11	3	3	NUM
economy-6779	266	12	indicated	indicate	VERB
economy-6779	266	13	that	that	SCONJ
economy-6779	266	14	no	no	DET
economy-6779	266	15	root	root	NOUN
economy-6779	266	16	lies	lie	VERB
economy-6779	266	17	outside	outside	ADP
economy-6779	266	18	the	the	DET
economy-6779	266	19	unit	unit	NOUN
economy-6779	266	20	circle	circle	NOUN
economy-6779	266	21	as	as	SCONJ
economy-6779	266	22	such	such	DET
economy-6779	266	23	the	the	DET
economy-6779	266	24	var	var	NOUN
economy-6779	266	25	satisfies	satisfy	VERB
economy-6779	266	26	the	the	DET
economy-6779	266	27	stability	stability	NOUN
economy-6779	266	28	condition	condition	NOUN
economy-6779	266	29	.	.	PUNCT
economy-6779	267	1	table	table	NOUN
economy-6779	267	2	3	3	NUM
economy-6779	267	3	.	.	PUNCT
economy-6779	267	4	serial	serial	ADJ
economy-6779	267	5	correlation	correlation	NOUN
economy-6779	267	6	.	.	PUNCT
economy-6779	268	1	lags	lag	VERB
economy-6779	268	2	q	q	ADJ
economy-6779	268	3	-	-	PUNCT
economy-6779	268	4	stat	stat	NOUN
economy-6779	268	5	prob	prob	NOUN
economy-6779	268	6	.	.	PUNCT
economy-6779	269	1	adj	adj	PROPN
economy-6779	269	2	q	q	ADJ
economy-6779	269	3	-	-	PUNCT
economy-6779	269	4	stat	stat	NOUN
economy-6779	269	5	prob	prob	NOUN
economy-6779	269	6	.	.	PUNCT
economy-6779	270	1	df	df	PROPN
economy-6779	270	2	1	1	NUM
economy-6779	270	3	1.553	1.553	NUM
economy-6779	270	4	---1.565	---1.565	PUNCT
economy-6779	270	5	------	------	SYM
economy-6779	271	1	2	2	NUM
economy-6779	271	2	12.243	12.243	NUM
economy-6779	271	3	0.727	0.727	NUM
economy-6779	271	4	12.428	12.428	NUM
economy-6779	271	5	0.714	0.714	NUM
economy-6779	271	6	16	16	NUM
economy-6779	271	7	note	note	NOUN
economy-6779	271	8	:	:	PUNCT
economy-6779	271	9	*	*	PUNCT
economy-6779	271	10	test	test	NOUN
economy-6779	271	11	is	be	AUX
economy-6779	271	12	valid	valid	ADJ
economy-6779	271	13	only	only	ADV
economy-6779	271	14	for	for	ADP
economy-6779	271	15	lags	lag	NOUN
economy-6779	271	16	larger	large	ADJ
economy-6779	271	17	than	than	ADP
economy-6779	271	18	the	the	DET
economy-6779	271	19	var	var	NOUN
economy-6779	271	20	lag	lag	NOUN
economy-6779	271	21	order	order	NOUN
economy-6779	271	22	.	.	PUNCT
economy-6779	272	1	df	df	PROPN
economy-6779	272	2	is	be	AUX
economy-6779	272	3	degrees	degree	NOUN
economy-6779	272	4	of	of	ADP
economy-6779	272	5	freedom	freedom	NOUN
economy-6779	272	6	for	for	ADP
economy-6779	272	7	(	(	PUNCT
economy-6779	272	8	approximate	approximate	ADJ
economy-6779	272	9	)	)	PUNCT
economy-6779	272	10	chi	chi	ADJ
economy-6779	272	11	-	-	PUNCT
economy-6779	272	12	square	square	ADJ
economy-6779	272	13	distribution	distribution	NOUN
economy-6779	272	14	.	.	PUNCT
economy-6779	273	1	from	from	ADP
economy-6779	273	2	the	the	DET
economy-6779	273	3	table	table	NOUN
economy-6779	273	4	3	3	NUM
economy-6779	273	5	,	,	PUNCT
economy-6779	273	6	probability	probability	NOUN
economy-6779	273	7	is	be	AUX
economy-6779	273	8	greater	great	ADJ
economy-6779	273	9	than	than	ADP
economy-6779	273	10	0.5	0.5	NUM
economy-6779	273	11	and	and	CCONJ
economy-6779	273	12	the	the	DET
economy-6779	273	13	rule	rule	NOUN
economy-6779	273	14	states	state	VERB
economy-6779	273	15	that	that	SCONJ
economy-6779	273	16	if	if	SCONJ
economy-6779	273	17	probability	probability	NOUN
economy-6779	273	18	is	be	AUX
economy-6779	273	19	less	less	ADJ
economy-6779	273	20	than	than	ADP
economy-6779	273	21	0.5	0.5	NUM
economy-6779	273	22	there	there	PRON
economy-6779	273	23	is	be	VERB
economy-6779	273	24	serial	serial	ADJ
economy-6779	273	25	correlation	correlation	NOUN
economy-6779	273	26	and	and	CCONJ
economy-6779	273	27	if	if	SCONJ
economy-6779	273	28	probability	probability	NOUN
economy-6779	273	29	is	be	AUX
economy-6779	273	30	greater	great	ADJ
economy-6779	273	31	than	than	ADP
economy-6779	273	32	0.5	0.5	NUM
economy-6779	273	33	there	there	PRON
economy-6779	273	34	is	be	VERB
economy-6779	273	35	no	no	DET
economy-6779	273	36	serial	serial	ADJ
economy-6779	273	37	correlation	correlation	NOUN
economy-6779	273	38	.	.	PUNCT
economy-6779	274	1	therefore	therefore	ADV
economy-6779	274	2	,	,	PUNCT
economy-6779	274	3	in	in	ADP
economy-6779	274	4	this	this	DET
economy-6779	274	5	case	case	NOUN
economy-6779	274	6	since	since	SCONJ
economy-6779	274	7	probability	probability	NOUN
economy-6779	274	8	is	be	AUX
economy-6779	274	9	greater	great	ADJ
economy-6779	274	10	than	than	ADP
economy-6779	274	11	0.5	0.5	NUM
economy-6779	274	12	there	there	PRON
economy-6779	274	13	is	be	VERB
economy-6779	274	14	no	no	DET
economy-6779	274	15	case	case	NOUN
economy-6779	274	16	of	of	ADP
economy-6779	274	17	serial	serial	ADJ
economy-6779	274	18	correlation	correlation	NOUN
economy-6779	274	19	.	.	PUNCT
economy-6779	275	1	5	5	X
economy-6779	275	2	.	.	X
economy-6779	275	3	discussion	discussion	NOUN
economy-6779	275	4	of	of	ADP
economy-6779	275	5	findings	finding	NOUN
economy-6779	275	6	in	in	ADP
economy-6779	275	7	alignment	alignment	NOUN
economy-6779	275	8	with	with	ADP
economy-6779	275	9	the	the	DET
economy-6779	275	10	study	study	NOUN
economy-6779	275	11	's	's	PART
economy-6779	275	12	objective	objective	NOUN
economy-6779	275	13	to	to	PART
economy-6779	275	14	explore	explore	VERB
economy-6779	275	15	the	the	DET
economy-6779	275	16	asymmetric	asymmetric	ADJ
economy-6779	275	17	response	response	NOUN
economy-6779	275	18	of	of	ADP
economy-6779	275	19	stock	stock	NOUN
economy-6779	275	20	market	market	NOUN
economy-6779	275	21	volatility	volatility	NOUN
economy-6779	275	22	to	to	ADP
economy-6779	275	23	monetary	monetary	ADJ
economy-6779	275	24	policy	policy	NOUN
economy-6779	275	25	during	during	ADP
economy-6779	275	26	bull	bull	NOUN
economy-6779	275	27	and	and	CCONJ
economy-6779	275	28	bear	bear	VERB
economy-6779	275	29	market	market	NOUN
economy-6779	275	30	periods	period	NOUN
economy-6779	275	31	using	use	VERB
economy-6779	275	32	the	the	DET
economy-6779	275	33	markov	markov	NOUN
economy-6779	275	34	switching	switch	VERB
economy-6779	275	35	vector	vector	NOUN
economy-6779	275	36	autoregressive	autoregressive	ADJ
economy-6779	275	37	framework	framework	NOUN
economy-6779	275	38	,	,	PUNCT
economy-6779	275	39	the	the	DET
economy-6779	275	40	study	study	NOUN
economy-6779	275	41	analyzed	analyze	VERB
economy-6779	275	42	stock	stock	NOUN
economy-6779	275	43	market	market	NOUN
economy-6779	275	44	volatility	volatility	NOUN
economy-6779	275	45	during	during	ADP
economy-6779	275	46	both	both	CCONJ
economy-6779	275	47	bullish	bullish	ADJ
economy-6779	275	48	and	and	CCONJ
economy-6779	275	49	bearish	bearish	ADJ
economy-6779	275	50	phases	phase	NOUN
economy-6779	275	51	by	by	ADP
economy-6779	275	52	utilizing	utilize	VERB
economy-6779	275	53	the	the	DET
economy-6779	275	54	aggregate	aggregate	ADJ
economy-6779	275	55	stock	stock	NOUN
economy-6779	275	56	market	market	NOUN
economy-6779	275	57	indices	index	NOUN
economy-6779	275	58	from	from	ADP
economy-6779	275	59	the	the	DET
economy-6779	275	60	nigeria	nigeria	PROPN
economy-6779	275	61	stock	stock	PROPN
economy-6779	275	62	exchange	exchange	PROPN
economy-6779	275	63	(	(	PUNCT
economy-6779	275	64	nse	nse	NOUN
economy-6779	275	65	)	)	PUNCT
economy-6779	275	66	specifically	specifically	ADV
economy-6779	275	67	,	,	PUNCT
economy-6779	275	68	the	the	DET
economy-6779	275	69	all	all	DET
economy-6779	275	70	-	-	PUNCT
economy-6779	275	71	share	share	NOUN
economy-6779	275	72	index	index	NOUN
economy-6779	275	73	—	—	PUNCT
economy-6779	275	74	and	and	CCONJ
economy-6779	275	75	the	the	DET
economy-6779	275	76	interest	interest	NOUN
economy-6779	275	77	rate	rate	NOUN
economy-6779	275	78	as	as	ADP
economy-6779	275	79	a	a	DET
economy-6779	275	80	relevant	relevant	ADJ
economy-6779	275	81	monetary	monetary	ADJ
economy-6779	275	82	policy	policy	NOUN
economy-6779	275	83	indicator	indicator	NOUN
economy-6779	275	84	.	.	PUNCT
economy-6779	276	1	to	to	PART
economy-6779	276	2	enhance	enhance	VERB
economy-6779	276	3	the	the	DET
economy-6779	276	4	empirical	empirical	ADJ
economy-6779	276	5	findings	finding	NOUN
economy-6779	276	6	,	,	PUNCT
economy-6779	276	7	additional	additional	ADJ
economy-6779	276	8	control	control	NOUN
economy-6779	276	9	variables	variable	NOUN
economy-6779	276	10	were	be	AUX
economy-6779	276	11	included	include	VERB
economy-6779	276	12	in	in	ADP
economy-6779	276	13	the	the	DET
economy-6779	276	14	model	model	NOUN
economy-6779	276	15	,	,	PUNCT
economy-6779	276	16	such	such	ADJ
economy-6779	276	17	as	as	ADP
economy-6779	276	18	money	money	NOUN
economy-6779	276	19	supply	supply	NOUN
economy-6779	276	20	(	(	PUNCT
economy-6779	276	21	m2	m2	PROPN
economy-6779	276	22	)	)	PUNCT
economy-6779	276	23	,	,	PUNCT
economy-6779	276	24	the	the	DET
economy-6779	276	25	spot	spot	NOUN
economy-6779	276	26	exchange	exchange	NOUN
economy-6779	276	27	rate	rate	NOUN
economy-6779	276	28	(	(	PUNCT
economy-6779	276	29	exrate	exrate	NOUN
economy-6779	276	30	)	)	PUNCT
economy-6779	276	31	,	,	PUNCT
economy-6779	276	32	and	and	CCONJ
economy-6779	276	33	the	the	DET
economy-6779	276	34	industrial	industrial	ADJ
economy-6779	276	35	production	production	NOUN
economy-6779	276	36	index	index	NOUN
economy-6779	276	37	(	(	PUNCT
economy-6779	276	38	ipi	ipi	PROPN
economy-6779	276	39	)	)	PUNCT
economy-6779	276	40	.	.	PUNCT
economy-6779	277	1	the	the	DET
economy-6779	277	2	results	result	NOUN
economy-6779	277	3	indicate	indicate	VERB
economy-6779	277	4	a	a	DET
economy-6779	277	5	slightly	slightly	ADV
economy-6779	277	6	positive	positive	ADJ
economy-6779	277	7	response	response	NOUN
economy-6779	277	8	of	of	ADP
economy-6779	277	9	stock	stock	NOUN
economy-6779	277	10	market	market	NOUN
economy-6779	277	11	volatility	volatility	NOUN
economy-6779	277	12	to	to	ADP
economy-6779	277	13	monetary	monetary	ADJ
economy-6779	277	14	policy	policy	NOUN
economy-6779	277	15	shocks	shock	NOUN
economy-6779	277	16	,	,	PUNCT
economy-6779	277	17	though	though	SCONJ
economy-6779	277	18	the	the	DET
economy-6779	277	19	magnitude	magnitude	NOUN
economy-6779	277	20	of	of	ADP
economy-6779	277	21	these	these	DET
economy-6779	277	22	responses	response	NOUN
economy-6779	277	23	is	be	AUX
economy-6779	277	24	relatively	relatively	ADV
economy-6779	277	25	small	small	ADJ
economy-6779	277	26	in	in	ADP
economy-6779	277	27	regime	regime	NOUN
economy-6779	277	28	1	1	NUM
economy-6779	277	29	.	.	PUNCT
economy-6779	278	1	in	in	ADP
economy-6779	278	2	contrast	contrast	NOUN
economy-6779	278	3	,	,	PUNCT
economy-6779	278	4	regime	regime	NOUN
economy-6779	278	5	2	2	NUM
economy-6779	278	6	suggests	suggest	VERB
economy-6779	278	7	that	that	SCONJ
economy-6779	278	8	an	an	DET
economy-6779	278	9	increase	increase	NOUN
economy-6779	278	10	in	in	ADP
economy-6779	278	11	monetary	monetary	ADJ
economy-6779	278	12	policy	policy	NOUN
economy-6779	278	13	shock	shock	NOUN
economy-6779	278	14	initially	initially	ADV
economy-6779	278	15	has	have	VERB
economy-6779	278	16	a	a	DET
economy-6779	278	17	positive	positive	ADJ
economy-6779	278	18	impact	impact	NOUN
economy-6779	278	19	on	on	ADP
economy-6779	278	20	stock	stock	NOUN
economy-6779	278	21	market	market	NOUN
economy-6779	278	22	volatility	volatility	NOUN
economy-6779	278	23	.	.	PUNCT
economy-6779	279	1	however	however	ADV
economy-6779	279	2	,	,	PUNCT
economy-6779	279	3	the	the	DET
economy-6779	279	4	effect	effect	NOUN
economy-6779	279	5	is	be	AUX
economy-6779	279	6	brief	brief	ADJ
economy-6779	279	7	,	,	PUNCT
economy-6779	279	8	with	with	ADP
economy-6779	279	9	volatility	volatility	NOUN
economy-6779	279	10	quickly	quickly	ADV
economy-6779	279	11	shifting	shift	VERB
economy-6779	279	12	to	to	ADP
economy-6779	279	13	negative	negative	ADJ
economy-6779	279	14	territory	territory	NOUN
economy-6779	279	15	in	in	ADP
economy-6779	279	16	the	the	DET
economy-6779	279	17	second	second	ADJ
economy-6779	279	18	period	period	NOUN
economy-6779	279	19	.	.	PUNCT
economy-6779	280	1	the	the	DET
economy-6779	280	2	empirical	empirical	ADJ
economy-6779	280	3	results	result	NOUN
economy-6779	280	4	from	from	ADP
economy-6779	280	5	the	the	DET
economy-6779	280	6	markov	markov	NOUN
economy-6779	280	7	-	-	PUNCT
economy-6779	280	8	switching	switch	VERB
economy-6779	280	9	analysis	analysis	NOUN
economy-6779	280	10	also	also	ADV
economy-6779	280	11	suggest	suggest	VERB
economy-6779	280	12	that	that	SCONJ
economy-6779	280	13	monetary	monetary	ADJ
economy-6779	280	14	policy	policy	NOUN
economy-6779	280	15	is	be	AUX
economy-6779	280	16	more	more	ADV
economy-6779	280	17	effective	effective	ADJ
economy-6779	280	18	during	during	ADP
economy-6779	280	19	bear	bear	NOUN
economy-6779	280	20	market	market	NOUN
economy-6779	280	21	periods	period	NOUN
economy-6779	280	22	(	(	PUNCT
economy-6779	280	23	regime	regime	NOUN
economy-6779	280	24	1	1	NUM
economy-6779	280	25	)	)	PUNCT
economy-6779	280	26	than	than	ADP
economy-6779	280	27	during	during	ADP
economy-6779	280	28	bull	bull	NOUN
economy-6779	280	29	markets	market	NOUN
economy-6779	280	30	(	(	PUNCT
economy-6779	280	31	regime	regime	NOUN
economy-6779	280	32	2	2	NUM
economy-6779	280	33	)	)	PUNCT
economy-6779	280	34	,	,	PUNCT
economy-6779	280	35	thus	thus	ADV
economy-6779	280	36	reinforcing	reinforce	VERB
economy-6779	280	37	the	the	DET
economy-6779	280	38	estimates	estimate	NOUN
economy-6779	280	39	of	of	ADP
economy-6779	280	40	asymmetry	asymmetry	NOUN
economy-6779	280	41	.	.	PUNCT
economy-6779	281	1	these	these	DET
economy-6779	281	2	findings	finding	NOUN
economy-6779	281	3	align	align	VERB
economy-6779	281	4	with	with	ADP
economy-6779	281	5	previous	previous	ADJ
economy-6779	281	6	studies	study	NOUN
economy-6779	281	7	by	by	ADP
economy-6779	281	8	chen	chen	PROPN
economy-6779	281	9	and	and	CCONJ
economy-6779	281	10	clements	clements	PROPN
economy-6779	281	11	(	(	PUNCT
economy-6779	281	12	2007	2007	NUM
economy-6779	281	13	)	)	PUNCT
economy-6779	281	14	;	;	PUNCT
economy-6779	281	15	kurov	kurov	PROPN
economy-6779	281	16	(	(	PUNCT
economy-6779	281	17	2010	2010	NUM
economy-6779	281	18	)	)	PUNCT
economy-6779	281	19	;	;	PUNCT
economy-6779	281	20	jansen	jansen	PROPN
economy-6779	281	21	and	and	CCONJ
economy-6779	281	22	tsai	tsai	PROPN
economy-6779	281	23	(	(	PUNCT
economy-6779	281	24	2010	2010	NUM
economy-6779	281	25	)	)	PUNCT
economy-6779	281	26	and	and	CCONJ
economy-6779	281	27	konrad	konrad	PROPN
economy-6779	281	28	(	(	PUNCT
economy-6779	281	29	2009	2009	NUM
economy-6779	281	30	)	)	PUNCT
economy-6779	281	31	which	which	PRON
economy-6779	281	32	demonstrated	demonstrate	VERB
economy-6779	281	33	that	that	SCONJ
economy-6779	281	34	monetary	monetary	ADJ
economy-6779	281	35	policy	policy	NOUN
economy-6779	281	36	tends	tend	VERB
economy-6779	281	37	to	to	PART
economy-6779	281	38	be	be	AUX
economy-6779	281	39	more	more	ADV
economy-6779	281	40	effective	effective	ADJ
economy-6779	281	41	in	in	ADP
economy-6779	281	42	bear	bear	NOUN
economy-6779	281	43	markets	market	NOUN
economy-6779	281	44	.	.	PUNCT
economy-6779	282	1	the	the	DET
economy-6779	282	2	negative	negative	ADJ
economy-6779	282	3	response	response	NOUN
economy-6779	282	4	of	of	ADP
economy-6779	282	5	stock	stock	NOUN
economy-6779	282	6	market	market	NOUN
economy-6779	282	7	volatility	volatility	NOUN
economy-6779	282	8	to	to	ADP
economy-6779	282	9	monetary	monetary	ADJ
economy-6779	282	10	policy	policy	NOUN
economy-6779	282	11	in	in	ADP
economy-6779	282	12	this	this	DET
economy-6779	282	13	regime	regime	NOUN
economy-6779	282	14	indicates	indicate	VERB
economy-6779	282	15	that	that	SCONJ
economy-6779	282	16	contractionary	contractionary	ADJ
economy-6779	282	17	monetary	monetary	ADJ
economy-6779	282	18	policy	policy	NOUN
economy-6779	282	19	may	may	AUX
economy-6779	282	20	adversely	adversely	ADV
economy-6779	282	21	impact	impact	VERB
economy-6779	282	22	the	the	DET
economy-6779	282	23	stock	stock	NOUN
economy-6779	282	24	market	market	NOUN
economy-6779	282	25	during	during	ADP
economy-6779	282	26	bear	bear	NOUN
economy-6779	282	27	phases	phase	NOUN
economy-6779	282	28	.	.	PUNCT
economy-6779	283	1	this	this	PRON
economy-6779	283	2	aligns	align	VERB
economy-6779	283	3	with	with	ADP
economy-6779	283	4	the	the	DET
economy-6779	283	5	research	research	NOUN
economy-6779	283	6	of	of	ADP
economy-6779	283	7	adeniji	adeniji	PROPN
economy-6779	283	8	et	et	PROPN
economy-6779	283	9	al	al	PROPN
economy-6779	283	10	.	.	PROPN
economy-6779	284	1	(	(	PUNCT
economy-6779	284	2	2018	2018	NUM
economy-6779	284	3	)	)	PUNCT
economy-6779	284	4	and	and	CCONJ
economy-6779	284	5	laopodis	laopodis	PROPN
economy-6779	284	6	(	(	PUNCT
economy-6779	284	7	2013	2013	NUM
economy-6779	284	8	)	)	PUNCT
economy-6779	284	9	.	.	PUNCT
economy-6779	285	1	furthermore	furthermore	ADV
economy-6779	285	2	,	,	PUNCT
economy-6779	285	3	these	these	DET
economy-6779	285	4	findings	finding	NOUN
economy-6779	285	5	support	support	VERB
economy-6779	285	6	the	the	DET
economy-6779	285	7	expectations	expectation	NOUN
economy-6779	285	8	of	of	ADP
economy-6779	285	9	the	the	DET
economy-6779	285	10	discounted	discount	VERB
economy-6779	285	11	cash	cash	NOUN
economy-6779	285	12	flow	flow	NOUN
economy-6779	285	13	model	model	NOUN
economy-6779	285	14	theory	theory	NOUN
economy-6779	285	15	,	,	PUNCT
economy-6779	285	16	which	which	PRON
economy-6779	285	17	posits	posit	VERB
economy-6779	285	18	that	that	SCONJ
economy-6779	285	19	changes	change	NOUN
economy-6779	285	20	in	in	ADP
economy-6779	285	21	monetary	monetary	ADJ
economy-6779	285	22	policy	policy	NOUN
economy-6779	285	23	can	can	AUX
economy-6779	285	24	influence	influence	VERB
economy-6779	285	25	stock	stock	NOUN
economy-6779	285	26	returns	return	NOUN
economy-6779	285	27	.	.	PUNCT
economy-6779	286	1	specifically	specifically	ADV
economy-6779	286	2	,	,	PUNCT
economy-6779	286	3	there	there	PRON
economy-6779	286	4	is	be	VERB
economy-6779	286	5	a	a	DET
economy-6779	286	6	direct	direct	ADJ
economy-6779	286	7	effect	effect	NOUN
economy-6779	286	8	on	on	ADP
economy-6779	286	9	stock	stock	NOUN
economy-6779	286	10	returns	return	NOUN
economy-6779	286	11	due	due	ADJ
economy-6779	286	12	to	to	ADP
economy-6779	286	13	changes	change	NOUN
economy-6779	286	14	in	in	ADP
economy-6779	286	15	the	the	DET
economy-6779	286	16	discount	discount	NOUN
economy-6779	286	17	rate	rate	NOUN
economy-6779	286	18	used	use	VERB
economy-6779	286	19	by	by	ADP
economy-6779	286	20	market	market	NOUN
economy-6779	286	21	participants	participant	NOUN
economy-6779	286	22	.	.	PUNCT
economy-6779	287	1	a	a	DET
economy-6779	287	2	more	more	ADV
economy-6779	287	3	restrictive	restrictive	ADJ
economy-6779	287	4	monetary	monetary	ADJ
economy-6779	287	5	policy	policy	NOUN
economy-6779	287	6	raises	raise	VERB
economy-6779	287	7	the	the	DET
economy-6779	287	8	capitalization	capitalization	NOUN
economy-6779	287	9	rate	rate	NOUN
economy-6779	287	10	for	for	ADP
economy-6779	287	11	firms	firm	NOUN
economy-6779	287	12	'	'	PART
economy-6779	287	13	future	future	ADJ
economy-6779	287	14	cash	cash	NOUN
economy-6779	287	15	flows	flow	NOUN
economy-6779	287	16	,	,	PUNCT
economy-6779	287	17	which	which	PRON
economy-6779	287	18	causes	cause	VERB
economy-6779	287	19	a	a	DET
economy-6779	287	20	decrease	decrease	NOUN
economy-6779	287	21	in	in	ADP
economy-6779	287	22	stock	stock	NOUN
economy-6779	287	23	prices	price	NOUN
economy-6779	287	24	.	.	PUNCT
economy-6779	288	1	6	6	X
economy-6779	288	2	.	.	X
economy-6779	288	3	conclusion	conclusion	NOUN
economy-6779	288	4	and	and	CCONJ
economy-6779	288	5	recommendation	recommendation	NOUN
economy-6779	288	6	this	this	DET
economy-6779	288	7	study	study	NOUN
economy-6779	288	8	examined	examine	VERB
economy-6779	288	9	the	the	DET
economy-6779	288	10	relationship	relationship	NOUN
economy-6779	288	11	between	between	ADP
economy-6779	288	12	monetary	monetary	ADJ
economy-6779	288	13	policy	policy	NOUN
economy-6779	288	14	dynamics	dynamic	NOUN
economy-6779	288	15	and	and	CCONJ
economy-6779	288	16	financial	financial	ADJ
economy-6779	288	17	market	market	NOUN
economy-6779	288	18	volatility	volatility	NOUN
economy-6779	288	19	in	in	ADP
economy-6779	288	20	nigeria	nigeria	PROPN
economy-6779	288	21	.	.	PUNCT
economy-6779	289	1	this	this	DET
economy-6779	289	2	relationship	relationship	NOUN
economy-6779	289	3	is	be	AUX
economy-6779	289	4	a	a	DET
economy-6779	289	5	2	2	NUM
economy-6779	289	6	-	-	PUNCT
economy-6779	289	7	way	way	NOUN
economy-6779	289	8	relationship	relationship	NOUN
economy-6779	289	9	as	as	SCONJ
economy-6779	289	10	one	one	NUM
economy-6779	289	11	affects	affect	VERB
economy-6779	289	12	the	the	DET
economy-6779	289	13	other	other	ADJ
economy-6779	289	14	and	and	CCONJ
economy-6779	289	15	also	also	ADV
economy-6779	289	16	the	the	DET
economy-6779	289	17	latter	latter	ADJ
economy-6779	289	18	has	have	VERB
economy-6779	289	19	effects	effect	NOUN
economy-6779	289	20	on	on	ADP
economy-6779	289	21	the	the	DET
economy-6779	289	22	former	former	ADJ
economy-6779	289	23	.	.	PUNCT
economy-6779	289	24	information	information	NOUN
economy-6779	289	25	from	from	ADP
economy-6779	289	26	the	the	DET
economy-6779	289	27	financial	financial	ADJ
economy-6779	289	28	market	market	NOUN
economy-6779	289	29	is	be	AUX
economy-6779	289	30	crucial	crucial	ADJ
economy-6779	289	31	for	for	ADP
economy-6779	289	32	both	both	PRON
economy-6779	289	33	market	market	NOUN
economy-6779	289	34	participants	participant	NOUN
economy-6779	289	35	and	and	CCONJ
economy-6779	289	36	the	the	DET
economy-6779	289	37	central	central	ADJ
economy-6779	289	38	bank	bank	NOUN
economy-6779	289	39	.	.	PUNCT
economy-6779	290	1	the	the	DET
economy-6779	290	2	economy	economy	NOUN
economy-6779	290	3	,	,	PUNCT
economy-6779	290	4	2025	2025	NUM
economy-6779	290	5	,	,	PUNCT
economy-6779	290	6	12(2	12(2	NUM
economy-6779	290	7	):	):	PUNCT
economy-6779	290	8	40	40	NUM
economy-6779	290	9	-	-	SYM
economy-6779	290	10	50	50	NUM
economy-6779	290	11	49	49	NUM
economy-6779	290	12	©	©	ADP
economy-6779	290	13	2025	2025	NUM
economy-6779	290	14	by	by	ADP
economy-6779	290	15	the	the	DET
economy-6779	290	16	authors	author	NOUN
economy-6779	290	17	;	;	PUNCT
economy-6779	290	18	licensee	licensee	PROPN
economy-6779	290	19	asian	asian	ADJ
economy-6779	290	20	online	online	PROPN
economy-6779	290	21	journal	journal	PROPN
economy-6779	290	22	publishing	publishing	PROPN
economy-6779	290	23	group	group	PROPN
economy-6779	290	24	central	central	PROPN
economy-6779	290	25	bank	bank	PROPN
economy-6779	290	26	seeks	seek	VERB
economy-6779	290	27	to	to	PART
economy-6779	290	28	understand	understand	VERB
economy-6779	290	29	how	how	SCONJ
economy-6779	290	30	its	its	PRON
economy-6779	290	31	monetary	monetary	ADJ
economy-6779	290	32	policy	policy	NOUN
economy-6779	290	33	actions	action	NOUN
economy-6779	290	34	influence	influence	VERB
economy-6779	290	35	financial	financial	ADJ
economy-6779	290	36	markets	market	NOUN
economy-6779	290	37	,	,	PUNCT
economy-6779	290	38	while	while	SCONJ
economy-6779	290	39	market	market	NOUN
economy-6779	290	40	participants	participant	NOUN
economy-6779	290	41	use	use	VERB
economy-6779	290	42	this	this	DET
economy-6779	290	43	information	information	NOUN
economy-6779	290	44	to	to	PART
economy-6779	290	45	evaluate	evaluate	VERB
economy-6779	290	46	stock	stock	NOUN
economy-6779	290	47	prices	price	NOUN
economy-6779	290	48	and	and	CCONJ
economy-6779	290	49	manage	manage	VERB
economy-6779	290	50	their	their	PRON
economy-6779	290	51	portfolios	portfolio	NOUN
economy-6779	290	52	.	.	PUNCT
economy-6779	291	1	in	in	ADP
economy-6779	291	2	theory	theory	NOUN
economy-6779	291	3	,	,	PUNCT
economy-6779	291	4	stock	stock	NOUN
economy-6779	291	5	prices	price	NOUN
economy-6779	291	6	reflect	reflect	VERB
economy-6779	291	7	the	the	DET
economy-6779	291	8	expected	expect	VERB
economy-6779	291	9	present	present	ADJ
economy-6779	291	10	value	value	NOUN
economy-6779	291	11	of	of	ADP
economy-6779	291	12	future	future	ADJ
economy-6779	291	13	net	net	ADJ
economy-6779	291	14	cash	cash	NOUN
economy-6779	291	15	flows	flow	VERB
economy-6779	291	16	.	.	PUNCT
economy-6779	292	1	as	as	ADP
economy-6779	292	2	a	a	DET
economy-6779	292	3	result	result	NOUN
economy-6779	292	4	,	,	PUNCT
economy-6779	292	5	an	an	DET
economy-6779	292	6	expansionary	expansionary	ADJ
economy-6779	292	7	monetary	monetary	ADJ
economy-6779	292	8	policy	policy	NOUN
economy-6779	292	9	typically	typically	ADV
economy-6779	292	10	boosts	boost	VERB
economy-6779	292	11	future	future	ADJ
economy-6779	292	12	cash	cash	NOUN
economy-6779	292	13	flows	flow	NOUN
economy-6779	292	14	or	or	CCONJ
economy-6779	292	15	lowers	lower	VERB
economy-6779	292	16	the	the	DET
economy-6779	292	17	discount	discount	NOUN
economy-6779	292	18	rates	rate	NOUN
economy-6779	292	19	applied	apply	VERB
economy-6779	292	20	to	to	ADP
economy-6779	292	21	them	they	PRON
economy-6779	292	22	,	,	PUNCT
economy-6779	292	23	leading	lead	VERB
economy-6779	292	24	to	to	ADP
economy-6779	292	25	a	a	DET
economy-6779	292	26	positive	positive	ADJ
economy-6779	292	27	relationship	relationship	NOUN
economy-6779	292	28	with	with	ADP
economy-6779	292	29	stock	stock	NOUN
economy-6779	292	30	prices	price	NOUN
economy-6779	292	31	.	.	PUNCT
economy-6779	293	1	this	this	DET
economy-6779	293	2	study	study	NOUN
economy-6779	293	3	explored	explore	VERB
economy-6779	293	4	the	the	DET
economy-6779	293	5	dynamics	dynamic	NOUN
economy-6779	293	6	of	of	ADP
economy-6779	293	7	monetary	monetary	ADJ
economy-6779	293	8	policy	policy	NOUN
economy-6779	293	9	and	and	CCONJ
economy-6779	293	10	financial	financial	ADJ
economy-6779	293	11	market	market	NOUN
economy-6779	293	12	volatility	volatility	NOUN
economy-6779	293	13	in	in	ADP
economy-6779	293	14	nigeria	nigeria	PROPN
economy-6779	293	15	.	.	PUNCT
economy-6779	294	1	using	use	VERB
economy-6779	294	2	markov	markov	NOUN
economy-6779	294	3	switching	switch	VERB
economy-6779	294	4	vector	vector	NOUN
economy-6779	294	5	autoregressive	autoregressive	ADJ
economy-6779	294	6	model	model	NOUN
economy-6779	294	7	from	from	ADP
economy-6779	294	8	1990q1	1990q1	PROPN
economy-6779	294	9	to	to	ADP
economy-6779	294	10	2023q4	2023q4	PROPN
economy-6779	294	11	.	.	PUNCT
economy-6779	295	1	it	it	PRON
economy-6779	295	2	was	be	AUX
economy-6779	295	3	discovered	discover	VERB
economy-6779	295	4	that	that	SCONJ
economy-6779	295	5	there	there	PRON
economy-6779	295	6	is	be	VERB
economy-6779	295	7	slightly	slightly	ADV
economy-6779	295	8	positive	positive	ADJ
economy-6779	295	9	response	response	NOUN
economy-6779	295	10	of	of	ADP
economy-6779	295	11	stock	stock	NOUN
economy-6779	295	12	market	market	NOUN
economy-6779	295	13	volatility	volatility	NOUN
economy-6779	295	14	to	to	ADP
economy-6779	295	15	monetary	monetary	ADJ
economy-6779	295	16	policy	policy	NOUN
economy-6779	295	17	shocks	shock	NOUN
economy-6779	295	18	,	,	PUNCT
economy-6779	295	19	but	but	CCONJ
economy-6779	295	20	the	the	DET
economy-6779	295	21	magnitudes	magnitude	NOUN
economy-6779	295	22	of	of	ADP
economy-6779	295	23	the	the	DET
economy-6779	295	24	responses	response	NOUN
economy-6779	295	25	are	be	AUX
economy-6779	295	26	relatively	relatively	ADV
economy-6779	295	27	small	small	ADJ
economy-6779	295	28	during	during	ADP
economy-6779	295	29	bear	bear	NOUN
economy-6779	295	30	market	market	NOUN
economy-6779	295	31	periods	period	NOUN
economy-6779	295	32	.	.	PUNCT
economy-6779	296	1	whereas	whereas	SCONJ
economy-6779	296	2	bull	bull	NOUN
economy-6779	296	3	market	market	NOUN
economy-6779	296	4	period	period	NOUN
economy-6779	296	5	suggests	suggest	VERB
economy-6779	296	6	that	that	SCONJ
economy-6779	296	7	an	an	DET
economy-6779	296	8	increase	increase	NOUN
economy-6779	296	9	in	in	ADP
economy-6779	296	10	monetary	monetary	ADJ
economy-6779	296	11	policy	policy	NOUN
economy-6779	296	12	shock	shock	NOUN
economy-6779	296	13	leads	lead	VERB
economy-6779	296	14	to	to	ADP
economy-6779	296	15	an	an	DET
economy-6779	296	16	initial	initial	ADJ
economy-6779	296	17	positive	positive	ADJ
economy-6779	296	18	impact	impact	NOUN
economy-6779	296	19	on	on	ADP
economy-6779	296	20	stock	stock	NOUN
economy-6779	296	21	market	market	NOUN
economy-6779	296	22	volatility	volatility	NOUN
economy-6779	296	23	which	which	PRON
economy-6779	296	24	is	be	AUX
economy-6779	296	25	short	short	ADJ
economy-6779	296	26	lived	live	VERB
economy-6779	296	27	and	and	CCONJ
economy-6779	296	28	then	then	ADV
economy-6779	296	29	later	later	ADV
economy-6779	296	30	becomes	become	VERB
economy-6779	296	31	negative	negative	ADJ
economy-6779	296	32	.	.	PUNCT
economy-6779	297	1	consequent	consequent	ADJ
economy-6779	297	2	upon	upon	SCONJ
economy-6779	297	3	this	this	DET
economy-6779	297	4	findings	finding	NOUN
economy-6779	297	5	,	,	PUNCT
economy-6779	297	6	it	it	PRON
economy-6779	297	7	is	be	AUX
economy-6779	297	8	well	well	ADV
economy-6779	297	9	established	establish	VERB
economy-6779	297	10	that	that	SCONJ
economy-6779	297	11	financial	financial	ADJ
economy-6779	297	12	markets	market	NOUN
economy-6779	297	13	are	be	AUX
economy-6779	297	14	highly	highly	ADV
economy-6779	297	15	responsive	responsive	ADJ
economy-6779	297	16	to	to	ADP
economy-6779	297	17	economic	economic	ADJ
economy-6779	297	18	policies	policy	NOUN
economy-6779	297	19	,	,	PUNCT
economy-6779	297	20	so	so	SCONJ
economy-6779	297	21	the	the	DET
economy-6779	297	22	government	government	NOUN
economy-6779	297	23	and	and	CCONJ
economy-6779	297	24	the	the	DET
economy-6779	297	25	central	central	ADJ
economy-6779	297	26	bank	bank	PROPN
economy-6779	297	27	of	of	ADP
economy-6779	297	28	nigeria	nigeria	PROPN
economy-6779	297	29	(	(	PUNCT
economy-6779	297	30	cbn	cbn	PROPN
economy-6779	297	31	)	)	PUNCT
economy-6779	297	32	must	must	AUX
economy-6779	297	33	exercise	exercise	VERB
economy-6779	297	34	caution	caution	NOUN
economy-6779	297	35	when	when	SCONJ
economy-6779	297	36	formulating	formulate	VERB
economy-6779	297	37	and	and	CCONJ
economy-6779	297	38	implementing	implement	VERB
economy-6779	297	39	these	these	DET
economy-6779	297	40	policies	policy	NOUN
economy-6779	297	41	.	.	PUNCT
economy-6779	298	1	to	to	PART
economy-6779	298	2	mitigate	mitigate	VERB
economy-6779	298	3	the	the	DET
economy-6779	298	4	impact	impact	NOUN
economy-6779	298	5	of	of	ADP
economy-6779	298	6	economic	economic	ADJ
economy-6779	298	7	policies	policy	NOUN
economy-6779	298	8	on	on	ADP
economy-6779	298	9	the	the	DET
economy-6779	298	10	stock	stock	NOUN
economy-6779	298	11	market	market	NOUN
economy-6779	298	12	and	and	CCONJ
economy-6779	298	13	lessen	lessen	VERB
economy-6779	298	14	the	the	DET
economy-6779	298	15	risk	risk	NOUN
economy-6779	298	16	of	of	ADP
economy-6779	298	17	volatility	volatility	NOUN
economy-6779	298	18	,	,	PUNCT
economy-6779	298	19	it	it	PRON
economy-6779	298	20	is	be	AUX
economy-6779	298	21	recommended	recommend	VERB
economy-6779	298	22	that	that	SCONJ
economy-6779	298	23	greater	great	ADJ
economy-6779	298	24	emphasis	emphasis	NOUN
economy-6779	298	25	be	be	AUX
economy-6779	298	26	placed	place	VERB
economy-6779	298	27	on	on	ADP
economy-6779	298	28	the	the	DET
economy-6779	298	29	formulation	formulation	NOUN
economy-6779	298	30	of	of	ADP
economy-6779	298	31	monetary	monetary	ADJ
economy-6779	298	32	policy	policy	NOUN
economy-6779	298	33	.	.	PUNCT
economy-6779	299	1	list	list	NOUN
economy-6779	299	2	abbreviation	abbreviation	NOUN
economy-6779	299	3	(	(	PUNCT
economy-6779	299	4	nbs	nbs	PROPN
economy-6779	299	5	)	)	PUNCT
economy-6779	299	6	national	national	PROPN
economy-6779	299	7	bureau	bureau	PROPN
economy-6779	299	8	of	of	ADP
economy-6779	299	9	statistics	statistic	NOUN
economy-6779	299	10	,	,	PUNCT
economy-6779	299	11	(	(	PUNCT
economy-6779	299	12	nse	nse	NOUN
economy-6779	299	13	)	)	PUNCT
economy-6779	299	14	nigeria	nigeria	PROPN
economy-6779	299	15	stock	stock	PROPN
economy-6779	299	16	exchange	exchange	PROPN
economy-6779	299	17	,	,	PUNCT
economy-6779	299	18	world	world	PROPN
economy-6779	299	19	bank	bank	PROPN
economy-6779	299	20	and	and	CCONJ
economy-6779	299	21	international	international	ADJ
economy-6779	299	22	financial	financial	ADJ
economy-6779	299	23	statistics	statistic	NOUN
economy-6779	299	24	(	(	PUNCT
economy-6779	299	25	ifs	ifs	PROPN
economy-6779	299	26	)	)	PUNCT
economy-6779	299	27	and	and	CCONJ
economy-6779	299	28	(	(	PUNCT
economy-6779	299	29	cbn	cbn	PROPN
economy-6779	299	30	)	)	PUNCT
economy-6779	299	31	central	central	PROPN
economy-6779	299	32	bank	bank	PROPN
economy-6779	299	33	of	of	ADP
economy-6779	299	34	nigeria	nigeria	PROPN
economy-6779	299	35	annual	annual	ADJ
economy-6779	299	36	reports	report	NOUN
economy-6779	299	37	and	and	CCONJ
economy-6779	299	38	statistical	statistical	ADJ
economy-6779	299	39	bulletin	bulletin	NOUN
economy-6779	299	40	.	.	PUNCT
economy-6779	300	1	references	reference	NOUN
economy-6779	300	2	abaenewe	abaenewe	PROPN
economy-6779	300	3	,	,	PUNCT
economy-6779	300	4	z.	z.	PROPN
economy-6779	300	5	c.	c.	PROPN
economy-6779	300	6	,	,	PUNCT
economy-6779	300	7	&	&	CCONJ
economy-6779	300	8	ndugbu	ndugbu	PROPN
economy-6779	300	9	,	,	PUNCT
economy-6779	300	10	m.	m.	NOUN
economy-6779	300	11	o.	o.	PROPN
economy-6779	300	12	(	(	PUNCT
economy-6779	300	13	2012	2012	NUM
economy-6779	300	14	)	)	PUNCT
economy-6779	300	15	.	.	PUNCT
economy-6779	301	1	analysis	analysis	NOUN
economy-6779	301	2	of	of	ADP
economy-6779	301	3	the	the	DET
economy-6779	301	4	effect	effect	NOUN
economy-6779	301	5	of	of	ADP
economy-6779	301	6	monetary	monetary	ADJ
economy-6779	301	7	policy	policy	NOUN
economy-6779	301	8	development	development	NOUN
economy-6779	301	9	on	on	ADP
economy-6779	301	10	equity	equity	NOUN
economy-6779	301	11	prices	price	NOUN
economy-6779	301	12	in	in	ADP
economy-6779	301	13	nigeria	nigeria	PROPN
economy-6779	301	14	.	.	PUNCT
economy-6779	302	1	west	west	PROPN
economy-6779	302	2	african	african	PROPN
economy-6779	302	3	journal	journal	PROPN
economy-6779	302	4	of	of	ADP
economy-6779	302	5	industrial	industrial	ADJ
economy-6779	302	6	and	and	CCONJ
economy-6779	302	7	academic	academic	ADJ
economy-6779	302	8	research	research	NOUN
economy-6779	302	9	,	,	PUNCT
economy-6779	302	10	5(1	5(1	NUM
economy-6779	302	11	)	)	PUNCT
economy-6779	302	12	,	,	PUNCT
economy-6779	302	13	140	140	NUM
economy-6779	302	14	-	-	SYM
economy-6779	302	15	155	155	NUM
economy-6779	302	16	.	.	PUNCT
economy-6779	302	17	adeniji	adeniji	PROPN
economy-6779	302	18	,	,	PUNCT
economy-6779	302	19	s.	s.	PROPN
economy-6779	302	20	o.	o.	PROPN
economy-6779	302	21	,	,	PUNCT
economy-6779	302	22	ben	ben	PROPN
economy-6779	302	23	,	,	PUNCT
economy-6779	302	24	o.	o.	PROPN
economy-6779	302	25	,	,	PUNCT
economy-6779	302	26	&	&	CCONJ
economy-6779	302	27	e.	e.	PROPN
economy-6779	302	28	,	,	PUNCT
economy-6779	302	29	o.	o.	INTJ
economy-6779	302	30	(	(	PUNCT
economy-6779	302	31	2018	2018	NUM
economy-6779	302	32	)	)	PUNCT
economy-6779	302	33	.	.	PUNCT
economy-6779	303	1	impact	impact	NOUN
economy-6779	303	2	of	of	ADP
economy-6779	303	3	oil	oil	NOUN
economy-6779	303	4	price	price	NOUN
economy-6779	303	5	shocks	shock	NOUN
economy-6779	303	6	on	on	ADP
economy-6779	303	7	stock	stock	NOUN
economy-6779	303	8	market	market	NOUN
economy-6779	303	9	prices	price	NOUN
economy-6779	303	10	volatility	volatility	NOUN
economy-6779	303	11	in	in	ADP
economy-6779	303	12	nigeria	nigeria	PROPN
economy-6779	303	13	:	:	PUNCT
economy-6779	303	14	new	new	ADJ
economy-6779	303	15	evidence	evidence	NOUN
economy-6779	303	16	from	from	ADP
economy-6779	303	17	a	a	DET
economy-6779	303	18	non	non	ADJ
economy-6779	303	19	-	-	ADJ
economy-6779	303	20	linear	linear	ADJ
economy-6779	303	21	ardl	ardl	NOUN
economy-6779	303	22	cointegration	cointegration	NOUN
economy-6779	303	23	.	.	PUNCT
economy-6779	304	1	journal	journal	NOUN
economy-6779	304	2	of	of	ADP
economy-6779	304	3	global	global	ADJ
economy-6779	304	4	economy	economy	NOUN
economy-6779	304	5	,	,	PUNCT
economy-6779	304	6	14(3	14(3	NUM
economy-6779	304	7	)	)	PUNCT
economy-6779	304	8	,	,	PUNCT
economy-6779	304	9	173	173	NUM
economy-6779	304	10	-	-	SYM
economy-6779	304	11	190	190	NUM
economy-6779	304	12	.	.	PUNCT
economy-6779	305	1	adeolu	adeolu	PROPN
economy-6779	305	2	,	,	PUNCT
economy-6779	305	3	a.	a.	NOUN
economy-6779	305	4	m.	m.	NOUN
economy-6779	305	5	,	,	PUNCT
economy-6779	305	6	kehinde	kehinde	PROPN
economy-6779	305	7	,	,	PUNCT
economy-6779	305	8	j.	j.	PROPN
economy-6779	305	9	s.	s.	PROPN
economy-6779	305	10	,	,	PUNCT
economy-6779	305	11	&	&	CCONJ
economy-6779	305	12	bolarinwa	bolarinwa	PROPN
economy-6779	305	13	,	,	PUNCT
economy-6779	305	14	s.	s.	PROPN
economy-6779	305	15	a.	a.	PROPN
economy-6779	305	16	(	(	PUNCT
economy-6779	305	17	2012	2012	NUM
economy-6779	305	18	)	)	PUNCT
economy-6779	305	19	.	.	PUNCT
economy-6779	306	1	fiscal	fiscal	ADJ
economy-6779	306	2	/	/	SYM
economy-6779	306	3	monetary	monetary	ADJ
economy-6779	306	4	policy	policy	NOUN
economy-6779	306	5	and	and	CCONJ
economy-6779	306	6	economic	economic	ADJ
economy-6779	306	7	growth	growth	NOUN
economy-6779	306	8	in	in	ADP
economy-6779	306	9	nigeria	nigeria	PROPN
economy-6779	306	10	:	:	PUNCT
economy-6779	306	11	a	a	DET
economy-6779	306	12	theoretical	theoretical	ADJ
economy-6779	306	13	exploration	exploration	NOUN
economy-6779	306	14	.	.	PUNCT
economy-6779	307	1	international	international	ADJ
economy-6779	307	2	journal	journal	PROPN
economy-6779	307	3	of	of	ADP
economy-6779	307	4	academic	academic	ADJ
economy-6779	307	5	research	research	NOUN
economy-6779	307	6	in	in	ADP
economy-6779	307	7	economics	economic	NOUN
economy-6779	307	8	and	and	CCONJ
economy-6779	307	9	management	management	NOUN
economy-6779	307	10	sciences	science	NOUN
economy-6779	307	11	,	,	PUNCT
economy-6779	307	12	1(5	1(5	NUM
economy-6779	307	13	)	)	PUNCT
economy-6779	307	14	,	,	PUNCT
economy-6779	307	15	75	75	NUM
economy-6779	307	16	-	-	SYM
economy-6779	307	17	88	88	NUM
economy-6779	307	18	.	.	PUNCT
economy-6779	308	1	ajie	ajie	PROPN
economy-6779	308	2	,	,	PUNCT
economy-6779	308	3	h.	h.	PROPN
economy-6779	308	4	,	,	PUNCT
economy-6779	308	5	&	&	CCONJ
economy-6779	308	6	nenbee	nenbee	PROPN
economy-6779	308	7	,	,	PUNCT
economy-6779	308	8	s.	s.	PROPN
economy-6779	308	9	(	(	PUNCT
economy-6779	308	10	2010	2010	NUM
economy-6779	308	11	)	)	PUNCT
economy-6779	308	12	.	.	PUNCT
economy-6779	309	1	an	an	DET
economy-6779	309	2	econometric	econometric	ADJ
economy-6779	309	3	analysis	analysis	NOUN
economy-6779	309	4	of	of	ADP
economy-6779	309	5	monetary	monetary	ADJ
economy-6779	309	6	policy	policy	NOUN
economy-6779	309	7	and	and	CCONJ
economy-6779	309	8	stock	stock	NOUN
economy-6779	309	9	prices	price	NOUN
economy-6779	309	10	in	in	ADP
economy-6779	309	11	nigeria	nigeria	PRON
economy-6779	309	12	:	:	PUNCT
economy-6779	309	13	1986	1986	NUM
economy-6779	309	14	-	-	SYM
economy-6779	309	15	2008	2008	NUM
economy-6779	309	16	.	.	PUNCT
economy-6779	310	1	international	international	ADJ
economy-6779	310	2	journal	journal	PROPN
economy-6779	310	3	of	of	ADP
economy-6779	310	4	economic	economic	ADJ
economy-6779	310	5	development	development	NOUN
economy-6779	310	6	research	research	NOUN
economy-6779	310	7	and	and	CCONJ
economy-6779	310	8	investment	investment	NOUN
economy-6779	310	9	,	,	PUNCT
economy-6779	310	10	1(1	1(1	NUM
economy-6779	310	11	)	)	PUNCT
economy-6779	310	12	,	,	PUNCT
economy-6779	310	13	175	175	NUM
economy-6779	310	14	-	-	SYM
economy-6779	310	15	192	192	NUM
economy-6779	310	16	.	.	PUNCT
economy-6779	311	1	aliyu	aliyu	PROPN
economy-6779	311	2	,	,	PUNCT
economy-6779	311	3	s.	s.	PROPN
economy-6779	311	4	u.	u.	PROPN
economy-6779	311	5	(	(	PUNCT
economy-6779	311	6	2021	2021	NUM
economy-6779	311	7	)	)	PUNCT
economy-6779	311	8	.	.	PUNCT
economy-6779	312	1	what	what	PRON
economy-6779	312	2	have	have	AUX
economy-6779	312	3	we	we	PRON
economy-6779	312	4	learnt	learn	VERB
economy-6779	312	5	from	from	ADP
economy-6779	312	6	modelling	model	VERB
economy-6779	312	7	stock	stock	NOUN
economy-6779	312	8	returns	return	NOUN
economy-6779	312	9	in	in	ADP
economy-6779	312	10	nigeria	nigeria	PROPN
economy-6779	312	11	:	:	PUNCT
economy-6779	312	12	higgledy	higgledy	VERB
economy-6779	312	13	-	-	NOUN
economy-6779	312	14	piggledy	piggledy	ADJ
economy-6779	312	15	?	?	PUNCT
economy-6779	313	1	bayero	bayero	PROPN
economy-6779	313	2	university	university	PROPN
economy-6779	313	3	kano	kano	PROPN
economy-6779	313	4	professorial	professorial	ADJ
economy-6779	313	5	inaugural	inaugural	ADJ
economy-6779	313	6	lecture	lecture	NOUN
economy-6779	313	7	no	no	INTJ
economy-6779	313	8	.	.	PUNCT
economy-6779	314	1	47	47	NUM
economy-6779	314	2	.	.	PUNCT
economy-6779	315	1	andersen	andersen	PROPN
economy-6779	315	2	,	,	PUNCT
economy-6779	315	3	t.	t.	PROPN
economy-6779	315	4	g.	g.	PROPN
economy-6779	315	5	,	,	PUNCT
economy-6779	315	6	bollerslev	bollerslev	NOUN
economy-6779	315	7	,	,	PUNCT
economy-6779	315	8	t.	t.	PROPN
economy-6779	315	9	,	,	PUNCT
economy-6779	315	10	diebold	diebold	NOUN
economy-6779	315	11	,	,	PUNCT
economy-6779	315	12	f.	f.	PROPN
economy-6779	315	13	x.	x.	PROPN
economy-6779	315	14	,	,	PUNCT
economy-6779	315	15	&	&	CCONJ
economy-6779	315	16	vega	vega	PROPN
economy-6779	315	17	,	,	PUNCT
economy-6779	315	18	c.	c.	PROPN
economy-6779	315	19	(	(	PUNCT
economy-6779	315	20	2007	2007	NUM
economy-6779	315	21	)	)	PUNCT
economy-6779	315	22	.	.	PUNCT
economy-6779	316	1	real	real	ADJ
economy-6779	316	2	-	-	PUNCT
economy-6779	316	3	time	time	NOUN
economy-6779	316	4	price	price	NOUN
economy-6779	316	5	discovery	discovery	NOUN
economy-6779	316	6	in	in	ADP
economy-6779	316	7	global	global	ADJ
economy-6779	316	8	stock	stock	NOUN
economy-6779	316	9	,	,	PUNCT
economy-6779	316	10	bond	bond	NOUN
economy-6779	316	11	and	and	CCONJ
economy-6779	316	12	foreign	foreign	ADJ
economy-6779	316	13	exchange	exchange	NOUN
economy-6779	316	14	markets	market	NOUN
economy-6779	316	15	.	.	PUNCT
economy-6779	317	1	journal	journal	NOUN
economy-6779	317	2	of	of	ADP
economy-6779	317	3	international	international	ADJ
economy-6779	317	4	economics	economic	NOUN
economy-6779	317	5	,	,	PUNCT
economy-6779	317	6	73(2	73(2	NUM
economy-6779	317	7	)	)	PUNCT
economy-6779	317	8	,	,	PUNCT
economy-6779	317	9	251	251	NUM
economy-6779	317	10	-	-	SYM
economy-6779	317	11	277	277	NUM
economy-6779	317	12	.	.	PUNCT
economy-6779	318	1	https://doi.org/10.1016/j.jinteco.2007.02.004	https://doi.org/10.1016/j.jinteco.2007.02.004	VERB
economy-6779	318	2	andrés	andrés	NOUN
economy-6779	318	3	,	,	PUNCT
economy-6779	318	4	j.	j.	PROPN
economy-6779	318	5	,	,	PUNCT
economy-6779	318	6	mestre	mestre	PROPN
economy-6779	318	7	,	,	PUNCT
economy-6779	318	8	r.	r.	PROPN
economy-6779	318	9	,	,	PUNCT
economy-6779	318	10	&	&	CCONJ
economy-6779	318	11	vallés	vallés	PROPN
economy-6779	318	12	,	,	PUNCT
economy-6779	318	13	j.	j.	PROPN
economy-6779	318	14	(	(	PUNCT
economy-6779	318	15	1999	1999	NUM
economy-6779	318	16	)	)	PUNCT
economy-6779	318	17	.	.	PUNCT
economy-6779	319	1	monetary	monetary	ADJ
economy-6779	319	2	policy	policy	NOUN
economy-6779	319	3	and	and	CCONJ
economy-6779	319	4	exchange	exchange	NOUN
economy-6779	319	5	rate	rate	NOUN
economy-6779	319	6	dynamics	dynamic	NOUN
economy-6779	319	7	in	in	ADP
economy-6779	319	8	the	the	DET
economy-6779	319	9	spanish	spanish	ADJ
economy-6779	319	10	economy	economy	NOUN
economy-6779	319	11	.	.	PUNCT
economy-6779	320	1	spanish	spanish	ADJ
economy-6779	320	2	economic	economic	PROPN
economy-6779	320	3	review	review	NOUN
economy-6779	320	4	,	,	PUNCT
economy-6779	320	5	1	1	NUM
economy-6779	320	6	,	,	PUNCT
economy-6779	320	7	55	55	NUM
economy-6779	320	8	-	-	SYM
economy-6779	320	9	77	77	NUM
economy-6779	320	10	.	.	PUNCT
economy-6779	321	1	https://doi.org/10.1007/s101080050003	https://doi.org/10.1007/s101080050003	PROPN
economy-6779	321	2	arnold	arnold	PROPN
economy-6779	321	3	,	,	PUNCT
economy-6779	321	4	i.	i.	PROPN
economy-6779	321	5	j.	j.	PROPN
economy-6779	321	6	,	,	PUNCT
economy-6779	321	7	&	&	CCONJ
economy-6779	321	8	vrugt	vrugt	PROPN
economy-6779	321	9	,	,	PUNCT
economy-6779	321	10	e.	e.	PROPN
economy-6779	321	11	b.	b.	PROPN
economy-6779	321	12	(	(	PUNCT
economy-6779	321	13	2006	2006	NUM
economy-6779	321	14	)	)	PUNCT
economy-6779	321	15	.	.	PUNCT
economy-6779	322	1	stock	stock	NOUN
economy-6779	322	2	market	market	NOUN
economy-6779	322	3	volatility	volatility	NOUN
economy-6779	322	4	and	and	CCONJ
economy-6779	322	5	macroeconomic	macroeconomic	ADJ
economy-6779	322	6	uncertainty	uncertainty	NOUN
economy-6779	322	7	:	:	PUNCT
economy-6779	322	8	evidence	evidence	NOUN
economy-6779	322	9	from	from	ADP
economy-6779	322	10	survey	survey	NOUN
economy-6779	322	11	data	datum	NOUN
economy-6779	322	12	.	.	PUNCT
economy-6779	323	1	nrg	nrg	PROPN
economy-6779	323	2	working	working	PROPN
economy-6779	323	3	paper	paper	PROPN
economy-6779	323	4	no	no	INTJ
economy-6779	323	5	.	.	PROPN
economy-6779	323	6	06	06	NUM
economy-6779	323	7	-	-	SYM
economy-6779	323	8	08	08	NUM
economy-6779	323	9	.	.	PUNCT
economy-6779	324	1	atiş	atiş	PROPN
economy-6779	324	2	,	,	PUNCT
economy-6779	324	3	a.	a.	NOUN
economy-6779	324	4	g.	g.	PROPN
economy-6779	324	5	,	,	PUNCT
economy-6779	324	6	&	&	CCONJ
economy-6779	324	7	erer	erer	ADV
economy-6779	324	8	,	,	PUNCT
economy-6779	324	9	d.	d.	PROPN
economy-6779	324	10	(	(	PUNCT
economy-6779	324	11	2018	2018	NUM
economy-6779	324	12	)	)	PUNCT
economy-6779	324	13	.	.	PUNCT
economy-6779	325	1	the	the	DET
economy-6779	325	2	impact	impact	NOUN
economy-6779	325	3	of	of	ADP
economy-6779	325	4	monetary	monetary	ADJ
economy-6779	325	5	policy	policy	NOUN
economy-6779	325	6	on	on	ADP
economy-6779	325	7	stock	stock	NOUN
economy-6779	325	8	returns	return	NOUN
economy-6779	325	9	during	during	ADP
economy-6779	325	10	bull	bull	NOUN
economy-6779	325	11	and	and	CCONJ
economy-6779	325	12	bear	bear	NOUN
economy-6779	325	13	markets	market	NOUN
economy-6779	325	14	:	:	PUNCT
economy-6779	325	15	the	the	DET
economy-6779	325	16	evidence	evidence	NOUN
economy-6779	325	17	from	from	ADP
economy-6779	325	18	turkey	turkey	PROPN
economy-6779	325	19	.	.	PUNCT
economy-6779	326	1	ege	ege	PROPN
economy-6779	326	2	akademik	akademik	PROPN
economy-6779	326	3	bakis	bakis	PROPN
economy-6779	326	4	,	,	PUNCT
economy-6779	326	5	18(4	18(4	NUM
economy-6779	326	6	)	)	PUNCT
economy-6779	326	7	,	,	PUNCT
economy-6779	326	8	699	699	NUM
economy-6779	326	9	-	-	SYM
economy-6779	326	10	710	710	NUM
economy-6779	326	11	.	.	PUNCT
economy-6779	327	1	https://doi.org/10.21121/eab.2018443927	https://doi.org/10.21121/eab.2018443927	PROPN
economy-6779	327	2	babajide	babajide	PROPN
economy-6779	327	3	,	,	PUNCT
economy-6779	327	4	a.	a.	NOUN
economy-6779	327	5	a.	a.	PROPN
economy-6779	327	6	,	,	PUNCT
economy-6779	327	7	isola	isola	PROPN
economy-6779	327	8	,	,	PUNCT
economy-6779	327	9	l.	l.	PROPN
economy-6779	327	10	a.	a.	PROPN
economy-6779	327	11	,	,	PUNCT
economy-6779	327	12	&	&	CCONJ
economy-6779	327	13	olukayode	olukayode	PROPN
economy-6779	327	14	,	,	PUNCT
economy-6779	327	15	s.	s.	PROPN
economy-6779	327	16	r.	r.	PROPN
economy-6779	327	17	(	(	PUNCT
economy-6779	327	18	2016	2016	NUM
economy-6779	327	19	)	)	PUNCT
economy-6779	327	20	.	.	PUNCT
economy-6779	328	1	stock	stock	NOUN
economy-6779	328	2	market	market	NOUN
economy-6779	328	3	response	response	NOUN
economy-6779	328	4	to	to	ADP
economy-6779	328	5	economic	economic	ADJ
economy-6779	328	6	growth	growth	NOUN
economy-6779	328	7	and	and	CCONJ
economy-6779	328	8	interest	interest	NOUN
economy-6779	328	9	rate	rate	NOUN
economy-6779	328	10	volatility	volatility	NOUN
economy-6779	328	11	:	:	PUNCT
economy-6779	328	12	evidence	evidence	NOUN
economy-6779	328	13	from	from	ADP
economy-6779	328	14	nigeria	nigeria	PROPN
economy-6779	328	15	.	.	PUNCT
economy-6779	329	1	international	international	ADJ
economy-6779	329	2	journal	journal	PROPN
economy-6779	329	3	of	of	ADP
economy-6779	329	4	economics	economic	NOUN
economy-6779	329	5	and	and	CCONJ
economy-6779	329	6	financial	financial	ADJ
economy-6779	329	7	issues	issue	NOUN
economy-6779	329	8	,	,	PUNCT
economy-6779	329	9	6(1	6(1	NUM
economy-6779	329	10	)	)	PUNCT
economy-6779	329	11	,	,	PUNCT
economy-6779	329	12	354	354	NUM
economy-6779	329	13	-	-	SYM
economy-6779	329	14	360	360	NUM
economy-6779	329	15	.	.	PUNCT
economy-6779	330	1	basistha	basistha	VERB
economy-6779	330	2	,	,	PUNCT
economy-6779	330	3	a.	a.	PROPN
economy-6779	330	4	,	,	PUNCT
economy-6779	330	5	&	&	CCONJ
economy-6779	330	6	kurov	kurov	PROPN
economy-6779	330	7	,	,	PUNCT
economy-6779	330	8	a.	a.	NOUN
economy-6779	330	9	(	(	PUNCT
economy-6779	330	10	2008	2008	NUM
economy-6779	330	11	)	)	PUNCT
economy-6779	330	12	.	.	PUNCT
economy-6779	331	1	macroeconomic	macroeconomic	ADJ
economy-6779	331	2	cycles	cycle	NOUN
economy-6779	331	3	and	and	CCONJ
economy-6779	331	4	the	the	DET
economy-6779	331	5	stock	stock	NOUN
economy-6779	331	6	market	market	NOUN
economy-6779	331	7	’s	’s	PART
economy-6779	331	8	reaction	reaction	NOUN
economy-6779	331	9	to	to	ADP
economy-6779	331	10	monetary	monetary	ADJ
economy-6779	331	11	policy	policy	NOUN
economy-6779	331	12	.	.	PUNCT
economy-6779	332	1	journal	journal	NOUN
economy-6779	332	2	of	of	ADP
economy-6779	332	3	banking	banking	NOUN
economy-6779	332	4	&	&	CCONJ
economy-6779	332	5	finance	finance	PROPN
economy-6779	332	6	,	,	PUNCT
economy-6779	332	7	32(12	32(12	NUM
economy-6779	332	8	)	)	PUNCT
economy-6779	332	9	,	,	PUNCT
economy-6779	332	10	2606	2606	NUM
economy-6779	332	11	-	-	SYM
economy-6779	332	12	2616	2616	NUM
economy-6779	332	13	.	.	PUNCT
economy-6779	333	1	https://doi.org/10.1016/j.jbankfin.2008.05.012	https://doi.org/10.1016/j.jbankfin.2008.05.012	NOUN
economy-6779	333	2	bernanke	bernanke	PROPN
economy-6779	333	3	,	,	PUNCT
economy-6779	333	4	b.	b.	PROPN
economy-6779	333	5	s.	s.	PROPN
economy-6779	333	6	,	,	PUNCT
economy-6779	333	7	&	&	CCONJ
economy-6779	333	8	kuttner	kuttner	PROPN
economy-6779	333	9	,	,	PUNCT
economy-6779	333	10	k.	k.	PROPN
economy-6779	333	11	n.	n.	PROPN
economy-6779	333	12	(	(	PUNCT
economy-6779	333	13	2005	2005	NUM
economy-6779	333	14	)	)	PUNCT
economy-6779	333	15	.	.	PUNCT
economy-6779	334	1	what	what	PRON
economy-6779	334	2	explains	explain	VERB
economy-6779	334	3	the	the	DET
economy-6779	334	4	stock	stock	NOUN
economy-6779	334	5	market	market	NOUN
economy-6779	334	6	's	's	PART
economy-6779	334	7	reaction	reaction	NOUN
economy-6779	334	8	to	to	ADP
economy-6779	334	9	federal	federal	PROPN
economy-6779	334	10	reserve	reserve	NOUN
economy-6779	334	11	policy	policy	NOUN
economy-6779	334	12	?	?	PUNCT
economy-6779	335	1	the	the	DET
economy-6779	335	2	journal	journal	PROPN
economy-6779	335	3	of	of	ADP
economy-6779	335	4	finance	finance	NOUN
economy-6779	335	5	,	,	PUNCT
economy-6779	335	6	60(3	60(3	NOUN
economy-6779	335	7	)	)	PUNCT
economy-6779	335	8	,	,	PUNCT
economy-6779	335	9	1221	1221	NUM
economy-6779	335	10	-	-	SYM
economy-6779	335	11	1257	1257	NUM
economy-6779	335	12	.	.	PUNCT
economy-6779	336	1	boldin	boldin	PROPN
economy-6779	336	2	,	,	PUNCT
economy-6779	336	3	m.	m.	PROPN
economy-6779	336	4	d.	d.	PROPN
economy-6779	336	5	(	(	PUNCT
economy-6779	336	6	1996	1996	NUM
economy-6779	336	7	)	)	PUNCT
economy-6779	336	8	.	.	PUNCT
economy-6779	337	1	a	a	DET
economy-6779	337	2	check	check	NOUN
economy-6779	337	3	on	on	ADP
economy-6779	337	4	the	the	DET
economy-6779	337	5	robustness	robustness	NOUN
economy-6779	337	6	of	of	ADP
economy-6779	337	7	hamilton	hamilton	PROPN
economy-6779	337	8	's	's	PART
economy-6779	337	9	markov	markov	NOUN
economy-6779	337	10	switching	switch	VERB
economy-6779	337	11	model	model	NOUN
economy-6779	337	12	approach	approach	NOUN
economy-6779	337	13	to	to	ADP
economy-6779	337	14	the	the	DET
economy-6779	337	15	economic	economic	ADJ
economy-6779	337	16	analysis	analysis	NOUN
economy-6779	337	17	of	of	ADP
economy-6779	337	18	the	the	DET
economy-6779	337	19	business	business	NOUN
economy-6779	337	20	cycle	cycle	NOUN
economy-6779	337	21	.	.	PUNCT
economy-6779	338	1	studies	study	NOUN
economy-6779	338	2	in	in	ADP
economy-6779	338	3	nonlinear	nonlinear	ADJ
economy-6779	338	4	dynamics	dynamic	NOUN
economy-6779	338	5	&	&	CCONJ
economy-6779	338	6	econometrics	econometric	NOUN
economy-6779	338	7	,	,	PUNCT
economy-6779	338	8	1(1	1(1	NUM
economy-6779	338	9	)	)	PUNCT
economy-6779	338	10	.	.	PUNCT
economy-6779	339	1	https://doi.org/10.2202/1558-3708.1010	https://doi.org/10.2202/1558-3708.1010	NOUN
economy-6779	339	2	bomfim	bomfim	NOUN
economy-6779	339	3	,	,	PUNCT
economy-6779	339	4	a.	a.	NOUN
economy-6779	339	5	n.	n.	NOUN
economy-6779	339	6	(	(	PUNCT
economy-6779	339	7	2003	2003	NUM
economy-6779	339	8	)	)	PUNCT
economy-6779	339	9	.	.	PUNCT
economy-6779	340	1	pre	pre	ADJ
economy-6779	340	2	-	-	ADJ
economy-6779	340	3	announcement	announcement	ADJ
economy-6779	340	4	effects	effect	NOUN
economy-6779	340	5	,	,	PUNCT
economy-6779	340	6	news	news	NOUN
economy-6779	340	7	effects	effect	NOUN
economy-6779	340	8	,	,	PUNCT
economy-6779	340	9	and	and	CCONJ
economy-6779	340	10	volatility	volatility	NOUN
economy-6779	340	11	:	:	PUNCT
economy-6779	340	12	monetary	monetary	ADJ
economy-6779	340	13	policy	policy	NOUN
economy-6779	340	14	and	and	CCONJ
economy-6779	340	15	the	the	DET
economy-6779	340	16	stock	stock	NOUN
economy-6779	340	17	market	market	NOUN
economy-6779	340	18	.	.	PUNCT
economy-6779	341	1	journal	journal	NOUN
economy-6779	341	2	of	of	ADP
economy-6779	341	3	banking	banking	NOUN
economy-6779	341	4	&	&	CCONJ
economy-6779	341	5	finance	finance	NOUN
economy-6779	341	6	,	,	PUNCT
economy-6779	341	7	27(1	27(1	NUM
economy-6779	341	8	)	)	PUNCT
economy-6779	341	9	,	,	PUNCT
economy-6779	341	10	133	133	NUM
economy-6779	341	11	-	-	SYM
economy-6779	341	12	151	151	NUM
economy-6779	341	13	.	.	PUNCT
economy-6779	342	1	campbell	campbell	PROPN
economy-6779	342	2	,	,	PUNCT
economy-6779	342	3	j.	j.	PROPN
economy-6779	342	4	y.	y.	PROPN
economy-6779	342	5	,	,	PUNCT
economy-6779	342	6	&	&	CCONJ
economy-6779	342	7	mackinlay	mackinlay	PROPN
economy-6779	342	8	,	,	PUNCT
economy-6779	342	9	a.	a.	PROPN
economy-6779	342	10	c.	c.	PROPN
economy-6779	342	11	(	(	PUNCT
economy-6779	342	12	1996	1996	NUM
economy-6779	342	13	)	)	PUNCT
economy-6779	342	14	.	.	PUNCT
economy-6779	343	1	the	the	DET
economy-6779	343	2	econometrics	econometric	NOUN
economy-6779	343	3	of	of	ADP
economy-6779	343	4	financial	financial	ADJ
economy-6779	343	5	markets	market	NOUN
economy-6779	343	6	.	.	PUNCT
economy-6779	344	1	princeton	princeton	PROPN
economy-6779	344	2	,	,	PUNCT
economy-6779	344	3	nj	nj	PROPN
economy-6779	344	4	:	:	PUNCT
economy-6779	344	5	princeton	princeton	PROPN
economy-6779	344	6	university	university	PROPN
economy-6779	344	7	press	press	NOUN
economy-6779	344	8	.	.	PUNCT
economy-6779	345	1	central	central	ADJ
economy-6779	345	2	bank	bank	PROPN
economy-6779	345	3	of	of	ADP
economy-6779	345	4	nigeria	nigeria	PROPN
economy-6779	345	5	.	.	PUNCT
economy-6779	346	1	(	(	PUNCT
economy-6779	346	2	2018	2018	NUM
economy-6779	346	3	)	)	PUNCT
economy-6779	346	4	.	.	PUNCT
economy-6779	347	1	statistical	statistical	ADJ
economy-6779	347	2	bulletin	bulletin	NOUN
economy-6779	347	3	2018	2018	NUM
economy-6779	347	4	.	.	PUNCT
economy-6779	348	1	abuja	abuja	PROPN
economy-6779	348	2	,	,	PUNCT
economy-6779	348	3	nigeria	nigeria	PROPN
economy-6779	348	4	:	:	PUNCT
economy-6779	348	5	central	central	ADJ
economy-6779	348	6	bank	bank	PROPN
economy-6779	348	7	of	of	ADP
economy-6779	348	8	nigeria	nigeria	PROPN
economy-6779	348	9	.	.	PUNCT
economy-6779	349	1	chami	chami	PROPN
economy-6779	349	2	,	,	PUNCT
economy-6779	349	3	r.	r.	PROPN
economy-6779	349	4	,	,	PUNCT
economy-6779	349	5	cosimano	cosimano	NOUN
economy-6779	349	6	,	,	PUNCT
economy-6779	349	7	t.	t.	PROPN
economy-6779	349	8	f.	f.	PROPN
economy-6779	349	9	,	,	PUNCT
economy-6779	349	10	&	&	CCONJ
economy-6779	349	11	fullenkamp	fullenkamp	PROPN
economy-6779	349	12	,	,	PUNCT
economy-6779	349	13	c.	c.	PROPN
economy-6779	349	14	(	(	PUNCT
economy-6779	349	15	1999	1999	NUM
economy-6779	349	16	)	)	PUNCT
economy-6779	349	17	.	.	PUNCT
economy-6779	350	1	the	the	DET
economy-6779	350	2	stock	stock	NOUN
economy-6779	350	3	market	market	NOUN
economy-6779	350	4	channel	channel	NOUN
economy-6779	350	5	of	of	ADP
economy-6779	350	6	monetary	monetary	ADJ
economy-6779	350	7	policy	policy	NOUN
economy-6779	350	8	.	.	PUNCT
economy-6779	351	1	imf	imf	PROPN
economy-6779	351	2	working	working	PROPN
economy-6779	351	3	paper	paper	NOUN
economy-6779	351	4	,	,	PUNCT
economy-6779	351	5	international	international	ADJ
economy-6779	351	6	monetary	monetary	ADJ
economy-6779	351	7	fund	fund	PROPN
economy-6779	351	8	,	,	PUNCT
economy-6779	351	9	wp/99/22	wp/99/22	PROPN
economy-6779	351	10	.	.	PUNCT
economy-6779	352	1	chatziantoniou	chatziantoniou	PROPN
economy-6779	352	2	,	,	PUNCT
economy-6779	352	3	i.	i.	PROPN
economy-6779	352	4	,	,	PUNCT
economy-6779	352	5	duffy	duffy	PROPN
economy-6779	352	6	,	,	PUNCT
economy-6779	352	7	d.	d.	PROPN
economy-6779	352	8	,	,	PUNCT
economy-6779	352	9	&	&	CCONJ
economy-6779	352	10	filis	filis	PROPN
economy-6779	352	11	,	,	PUNCT
economy-6779	352	12	g.	g.	PROPN
economy-6779	352	13	(	(	PUNCT
economy-6779	352	14	2013	2013	NUM
economy-6779	352	15	)	)	PUNCT
economy-6779	352	16	.	.	PUNCT
economy-6779	353	1	stock	stock	NOUN
economy-6779	353	2	market	market	NOUN
economy-6779	353	3	response	response	NOUN
economy-6779	353	4	to	to	ADP
economy-6779	353	5	monetary	monetary	ADJ
economy-6779	353	6	and	and	CCONJ
economy-6779	353	7	fiscal	fiscal	ADJ
economy-6779	353	8	policy	policy	NOUN
economy-6779	353	9	shocks	shock	NOUN
economy-6779	353	10	:	:	PUNCT
economy-6779	353	11	multi	multi	ADJ
economy-6779	353	12	-	-	ADJ
economy-6779	353	13	country	country	ADJ
economy-6779	353	14	evidence	evidence	NOUN
economy-6779	353	15	.	.	PUNCT
economy-6779	354	1	economic	economic	ADJ
economy-6779	354	2	modelling	modelling	NOUN
economy-6779	354	3	,	,	PUNCT
economy-6779	354	4	30	30	NUM
economy-6779	354	5	,	,	PUNCT
economy-6779	354	6	754	754	NUM
economy-6779	354	7	-	-	SYM
economy-6779	354	8	769	769	NUM
economy-6779	354	9	.	.	PUNCT
economy-6779	355	1	chen	chen	PROPN
economy-6779	355	2	,	,	PUNCT
economy-6779	355	3	e.	e.	PROPN
economy-6779	355	4	t.	t.	PROPN
economy-6779	355	5	j.	j.	PROPN
economy-6779	355	6	,	,	PUNCT
economy-6779	355	7	&	&	CCONJ
economy-6779	355	8	clements	clements	PROPN
economy-6779	355	9	,	,	PUNCT
economy-6779	355	10	a.	a.	NOUN
economy-6779	355	11	(	(	PUNCT
economy-6779	355	12	2007	2007	NUM
economy-6779	355	13	)	)	PUNCT
economy-6779	355	14	.	.	PUNCT
economy-6779	356	1	s&p	s&p	PROPN
economy-6779	356	2	500	500	NUM
economy-6779	356	3	implied	imply	VERB
economy-6779	356	4	volatility	volatility	NOUN
economy-6779	356	5	and	and	CCONJ
economy-6779	356	6	monetary	monetary	ADJ
economy-6779	356	7	policy	policy	NOUN
economy-6779	356	8	announcements	announcement	NOUN
economy-6779	356	9	.	.	PUNCT
economy-6779	357	1	finance	finance	NOUN
economy-6779	357	2	research	research	NOUN
economy-6779	357	3	letters	letter	NOUN
economy-6779	357	4	,	,	PUNCT
economy-6779	357	5	4(4	4(4	NUM
economy-6779	357	6	)	)	PUNCT
economy-6779	357	7	,	,	PUNCT
economy-6779	357	8	227	227	NUM
economy-6779	357	9	-	-	SYM
economy-6779	357	10	232	232	NUM
economy-6779	357	11	.	.	PUNCT
economy-6779	358	1	chuliá	chuliá	PROPN
economy-6779	358	2	,	,	PUNCT
economy-6779	358	3	h.	h.	PROPN
economy-6779	358	4	,	,	PUNCT
economy-6779	358	5	martens	martens	PROPN
economy-6779	358	6	,	,	PUNCT
economy-6779	358	7	m.	m.	NOUN
economy-6779	358	8	,	,	PUNCT
economy-6779	358	9	&	&	CCONJ
economy-6779	358	10	van	van	PROPN
economy-6779	358	11	dijk	dijk	PROPN
economy-6779	358	12	,	,	PUNCT
economy-6779	358	13	d.	d.	PROPN
economy-6779	358	14	(	(	PUNCT
economy-6779	358	15	2010	2010	NUM
economy-6779	358	16	)	)	PUNCT
economy-6779	358	17	.	.	PUNCT
economy-6779	359	1	asymmetric	asymmetric	ADJ
economy-6779	359	2	effects	effect	NOUN
economy-6779	359	3	of	of	ADP
economy-6779	359	4	federal	federal	ADJ
economy-6779	359	5	funds	fund	NOUN
economy-6779	359	6	target	target	NOUN
economy-6779	359	7	rate	rate	NOUN
economy-6779	359	8	changes	change	NOUN
economy-6779	359	9	on	on	ADP
economy-6779	359	10	s&p100	s&p100	NOUN
economy-6779	359	11	stock	stock	NOUN
economy-6779	359	12	returns	return	NOUN
economy-6779	359	13	,	,	PUNCT
economy-6779	359	14	volatilities	volatility	NOUN
economy-6779	359	15	and	and	CCONJ
economy-6779	359	16	correlations	correlation	NOUN
economy-6779	359	17	.	.	PUNCT
economy-6779	360	1	journal	journal	NOUN
economy-6779	360	2	of	of	ADP
economy-6779	360	3	banking	banking	NOUN
economy-6779	360	4	&	&	CCONJ
economy-6779	360	5	finance	finance	PROPN
economy-6779	360	6	,	,	PUNCT
economy-6779	360	7	34(4	34(4	NUM
economy-6779	360	8	)	)	PUNCT
economy-6779	360	9	,	,	PUNCT
economy-6779	360	10	834	834	NUM
economy-6779	360	11	-	-	SYM
economy-6779	360	12	839	839	NUM
economy-6779	360	13	.	.	PUNCT
economy-6779	361	1	diebold	diebold	PROPN
economy-6779	361	2	,	,	PUNCT
economy-6779	361	3	f.	f.	PROPN
economy-6779	361	4	x.	x.	PROPN
economy-6779	361	5	,	,	PUNCT
economy-6779	361	6	hahn	hahn	PROPN
economy-6779	361	7	,	,	PUNCT
economy-6779	361	8	j.	j.	PROPN
economy-6779	361	9	,	,	PUNCT
economy-6779	361	10	&	&	CCONJ
economy-6779	361	11	tay	tay	PROPN
economy-6779	361	12	,	,	PUNCT
economy-6779	361	13	a.	a.	PROPN
economy-6779	361	14	s.	s.	PROPN
economy-6779	361	15	(	(	PUNCT
economy-6779	361	16	1999	1999	NUM
economy-6779	361	17	)	)	PUNCT
economy-6779	361	18	.	.	PUNCT
economy-6779	362	1	multivariate	multivariate	NOUN
economy-6779	362	2	density	density	NOUN
economy-6779	362	3	forecast	forecast	NOUN
economy-6779	362	4	evaluation	evaluation	NOUN
economy-6779	362	5	and	and	CCONJ
economy-6779	362	6	calibration	calibration	NOUN
economy-6779	362	7	in	in	ADP
economy-6779	362	8	financial	financial	ADJ
economy-6779	362	9	risk	risk	NOUN
economy-6779	362	10	management	management	NOUN
economy-6779	362	11	:	:	PUNCT
economy-6779	362	12	highfrequency	highfrequency	NOUN
economy-6779	362	13	returns	return	VERB
economy-6779	362	14	on	on	ADP
economy-6779	362	15	foreign	foreign	ADJ
economy-6779	362	16	exchange	exchange	NOUN
economy-6779	362	17	.	.	PUNCT
economy-6779	363	1	review	review	NOUN
economy-6779	363	2	of	of	ADP
economy-6779	363	3	economics	economic	NOUN
economy-6779	363	4	and	and	CCONJ
economy-6779	363	5	statistics	statistic	NOUN
economy-6779	363	6	,	,	PUNCT
economy-6779	363	7	81(4	81(4	NUM
economy-6779	363	8	)	)	PUNCT
economy-6779	363	9	,	,	PUNCT
economy-6779	363	10	661	661	NUM
economy-6779	363	11	-	-	SYM
economy-6779	363	12	673	673	NUM
economy-6779	363	13	.	.	PUNCT
economy-6779	364	1	https://doi.org/10.1162/003465399558526	https://doi.org/10.1162/003465399558526	PROPN
economy-6779	364	2	ewing	ewing	PROPN
economy-6779	364	3	,	,	PUNCT
economy-6779	364	4	b.	b.	PROPN
economy-6779	364	5	t.	t.	PROPN
economy-6779	364	6	(	(	PUNCT
economy-6779	364	7	2001	2001	NUM
economy-6779	364	8	)	)	PUNCT
economy-6779	364	9	.	.	PUNCT
economy-6779	365	1	monetary	monetary	ADJ
economy-6779	365	2	policy	policy	NOUN
economy-6779	365	3	and	and	CCONJ
economy-6779	365	4	stock	stock	NOUN
economy-6779	365	5	returns	return	NOUN
economy-6779	365	6	.	.	PUNCT
economy-6779	366	1	bulletin	bulletin	NOUN
economy-6779	366	2	of	of	ADP
economy-6779	366	3	economic	economic	ADJ
economy-6779	366	4	research	research	NOUN
economy-6779	366	5	,	,	PUNCT
economy-6779	366	6	53(1	53(1	NOUN
economy-6779	366	7	)	)	PUNCT
economy-6779	366	8	,	,	PUNCT
economy-6779	366	9	73	73	NUM
economy-6779	366	10	-	-	SYM
economy-6779	366	11	79	79	NUM
economy-6779	366	12	.	.	PUNCT
economy-6779	367	1	farka	farka	NOUN
economy-6779	367	2	,	,	PUNCT
economy-6779	367	3	m.	m.	NOUN
economy-6779	367	4	(	(	PUNCT
economy-6779	367	5	2009	2009	NUM
economy-6779	367	6	)	)	PUNCT
economy-6779	367	7	.	.	PUNCT
economy-6779	368	1	the	the	DET
economy-6779	368	2	effect	effect	NOUN
economy-6779	368	3	of	of	ADP
economy-6779	368	4	monetary	monetary	ADJ
economy-6779	368	5	policy	policy	NOUN
economy-6779	368	6	shocks	shock	NOUN
economy-6779	368	7	on	on	ADP
economy-6779	368	8	stock	stock	NOUN
economy-6779	368	9	prices	price	NOUN
economy-6779	368	10	accounting	account	VERB
economy-6779	368	11	for	for	ADP
economy-6779	368	12	endogeneity	endogeneity	NOUN
economy-6779	368	13	and	and	CCONJ
economy-6779	368	14	omitted	omit	VERB
economy-6779	368	15	variable	variable	ADJ
economy-6779	368	16	biases	bias	NOUN
economy-6779	368	17	.	.	PUNCT
economy-6779	369	1	review	review	NOUN
economy-6779	369	2	of	of	ADP
economy-6779	369	3	financial	financial	ADJ
economy-6779	369	4	economics	economic	NOUN
economy-6779	369	5	,	,	PUNCT
economy-6779	369	6	18(1	18(1	NUM
economy-6779	369	7	)	)	PUNCT
economy-6779	369	8	,	,	PUNCT
economy-6779	369	9	47	47	NUM
economy-6779	369	10	-	-	SYM
economy-6779	369	11	55	55	NUM
economy-6779	369	12	.	.	PUNCT
economy-6779	370	1	filardo	filardo	PROPN
economy-6779	370	2	,	,	PUNCT
economy-6779	370	3	a.	a.	PROPN
economy-6779	370	4	j.	j.	PROPN
economy-6779	370	5	(	(	PUNCT
economy-6779	370	6	1994	1994	NUM
economy-6779	370	7	)	)	PUNCT
economy-6779	370	8	.	.	PUNCT
economy-6779	371	1	business	business	NOUN
economy-6779	371	2	-	-	PUNCT
economy-6779	371	3	cycle	cycle	NOUN
economy-6779	371	4	phases	phase	NOUN
economy-6779	371	5	and	and	CCONJ
economy-6779	371	6	their	their	PRON
economy-6779	371	7	transitional	transitional	ADJ
economy-6779	371	8	dynamics	dynamic	NOUN
economy-6779	371	9	.	.	PUNCT
economy-6779	372	1	journal	journal	PROPN
economy-6779	372	2	of	of	ADP
economy-6779	372	3	business	business	PROPN
economy-6779	372	4	&	&	CCONJ
economy-6779	372	5	economic	economic	ADJ
economy-6779	372	6	statistics	statistic	NOUN
economy-6779	372	7	,	,	PUNCT
economy-6779	372	8	12(3	12(3	NUM
economy-6779	372	9	)	)	PUNCT
economy-6779	372	10	,	,	PUNCT
economy-6779	372	11	299	299	NUM
economy-6779	372	12	-	-	SYM
economy-6779	372	13	308	308	NUM
economy-6779	372	14	.	.	PUNCT
economy-6779	373	1	garcia	garcia	PROPN
economy-6779	373	2	,	,	PUNCT
economy-6779	373	3	r.	r.	PROPN
economy-6779	373	4	,	,	PUNCT
economy-6779	373	5	&	&	CCONJ
economy-6779	373	6	perron	perron	PROPN
economy-6779	373	7	,	,	PUNCT
economy-6779	373	8	p.	p.	NOUN
economy-6779	373	9	(	(	PUNCT
economy-6779	373	10	1996	1996	NUM
economy-6779	373	11	)	)	PUNCT
economy-6779	373	12	.	.	PUNCT
economy-6779	374	1	an	an	DET
economy-6779	374	2	analysis	analysis	NOUN
economy-6779	374	3	of	of	ADP
economy-6779	374	4	the	the	DET
economy-6779	374	5	real	real	ADJ
economy-6779	374	6	interest	interest	NOUN
economy-6779	374	7	rate	rate	NOUN
economy-6779	374	8	under	under	ADP
economy-6779	374	9	regime	regime	NOUN
economy-6779	374	10	shifts	shift	NOUN
economy-6779	374	11	.	.	PUNCT
economy-6779	375	1	the	the	DET
economy-6779	375	2	review	review	NOUN
economy-6779	375	3	of	of	ADP
economy-6779	375	4	economics	economic	NOUN
economy-6779	375	5	and	and	CCONJ
economy-6779	375	6	statistics	statistic	NOUN
economy-6779	375	7	,	,	PUNCT
economy-6779	375	8	78	78	NUM
economy-6779	375	9	,	,	PUNCT
economy-6779	375	10	111	111	NUM
economy-6779	375	11	-	-	SYM
economy-6779	375	12	125	125	NUM
economy-6779	375	13	.	.	PUNCT
economy-6779	375	14	https://doi.org/10.2307/2109851	https://doi.org/10.2307/2109851	X
economy-6779	376	1	guo	guo	PROPN
economy-6779	376	2	,	,	PUNCT
economy-6779	376	3	h.	h.	PROPN
economy-6779	376	4	(	(	PUNCT
economy-6779	376	5	2004	2004	NUM
economy-6779	376	6	)	)	PUNCT
economy-6779	376	7	.	.	PUNCT
economy-6779	377	1	stock	stock	NOUN
economy-6779	377	2	prices	price	NOUN
economy-6779	377	3	,	,	PUNCT
economy-6779	377	4	firm	firm	ADJ
economy-6779	377	5	size	size	NOUN
economy-6779	377	6	,	,	PUNCT
economy-6779	377	7	and	and	CCONJ
economy-6779	377	8	changes	change	NOUN
economy-6779	377	9	in	in	ADP
economy-6779	377	10	the	the	DET
economy-6779	377	11	federal	federal	ADJ
economy-6779	377	12	funds	fund	NOUN
economy-6779	377	13	rate	rate	NOUN
economy-6779	377	14	target	target	NOUN
economy-6779	377	15	.	.	PUNCT
economy-6779	378	1	the	the	DET
economy-6779	378	2	quarterly	quarterly	ADJ
economy-6779	378	3	review	review	NOUN
economy-6779	378	4	of	of	ADP
economy-6779	378	5	economics	economic	NOUN
economy-6779	378	6	and	and	CCONJ
economy-6779	378	7	finance	finance	NOUN
economy-6779	378	8	,	,	PUNCT
economy-6779	378	9	44(4	44(4	NOUN
economy-6779	378	10	)	)	PUNCT
economy-6779	378	11	,	,	PUNCT
economy-6779	378	12	487507	487507	NUM
economy-6779	378	13	.	.	PUNCT
economy-6779	379	1	hamilton	hamilton	PROPN
economy-6779	379	2	,	,	PUNCT
economy-6779	379	3	j.	j.	PROPN
economy-6779	379	4	d.	d.	PROPN
economy-6779	379	5	(	(	PUNCT
economy-6779	379	6	1989	1989	NUM
economy-6779	379	7	)	)	PUNCT
economy-6779	379	8	.	.	PUNCT
economy-6779	380	1	a	a	DET
economy-6779	380	2	new	new	ADJ
economy-6779	380	3	approach	approach	NOUN
economy-6779	380	4	to	to	ADP
economy-6779	380	5	the	the	DET
economy-6779	380	6	economic	economic	ADJ
economy-6779	380	7	analysis	analysis	NOUN
economy-6779	380	8	of	of	ADP
economy-6779	380	9	nonstationary	nonstationary	ADJ
economy-6779	380	10	time	time	NOUN
economy-6779	380	11	series	series	NOUN
economy-6779	380	12	and	and	CCONJ
economy-6779	380	13	the	the	DET
economy-6779	380	14	business	business	NOUN
economy-6779	380	15	cycle	cycle	NOUN
economy-6779	380	16	.	.	PUNCT
economy-6779	381	1	econometrica	econometrica	PROPN
economy-6779	381	2	:	:	PUNCT
economy-6779	381	3	journal	journal	NOUN
economy-6779	381	4	of	of	ADP
economy-6779	381	5	the	the	DET
economy-6779	381	6	econometric	econometric	ADJ
economy-6779	381	7	society	society	NOUN
economy-6779	381	8	,	,	PUNCT
economy-6779	381	9	57(2	57(2	NUM
economy-6779	381	10	)	)	PUNCT
economy-6779	381	11	,	,	PUNCT
economy-6779	381	12	357	357	NUM
economy-6779	381	13	-	-	SYM
economy-6779	381	14	384	384	NUM
economy-6779	381	15	.	.	PUNCT
economy-6779	382	1	hassan	hassan	PROPN
economy-6779	382	2	,	,	PUNCT
economy-6779	382	3	h.	h.	PROPN
economy-6779	382	4	a.	a.	PROPN
economy-6779	382	5	(	(	PUNCT
economy-6779	382	6	2017	2017	NUM
economy-6779	382	7	)	)	PUNCT
economy-6779	382	8	.	.	PUNCT
economy-6779	383	1	an	an	DET
economy-6779	383	2	empirical	empirical	ADJ
economy-6779	383	3	study	study	NOUN
economy-6779	383	4	on	on	ADP
economy-6779	383	5	the	the	DET
economy-6779	383	6	optimal	optimal	ADJ
economy-6779	383	7	monetary	monetary	ADJ
economy-6779	383	8	policy	policy	NOUN
economy-6779	383	9	and	and	CCONJ
economy-6779	383	10	financial	financial	ADJ
economy-6779	383	11	market	market	NOUN
economy-6779	383	12	volatility	volatility	NOUN
economy-6779	383	13	in	in	ADP
economy-6779	383	14	egypt	egypt	PROPN
economy-6779	383	15	.	.	PUNCT
economy-6779	384	1	thesis	thesis	NOUN
economy-6779	384	2	submitted	submit	VERB
economy-6779	384	3	for	for	ADP
economy-6779	384	4	the	the	DET
economy-6779	384	5	degree	degree	NOUN
economy-6779	384	6	of	of	ADP
economy-6779	384	7	doctor	doctor	NOUN
economy-6779	384	8	of	of	ADP
economy-6779	384	9	philosophy	philosophy	NOUN
economy-6779	384	10	in	in	ADP
economy-6779	384	11	economics	economic	NOUN
economy-6779	384	12	at	at	ADP
economy-6779	384	13	the	the	DET
economy-6779	384	14	university	university	NOUN
economy-6779	384	15	of	of	ADP
economy-6779	384	16	leicester	leicester	NOUN
economy-6779	384	17	.	.	PUNCT
economy-6779	385	1	ioannidis	ioannidis	PROPN
economy-6779	385	2	,	,	PUNCT
economy-6779	385	3	c.	c.	PROPN
economy-6779	385	4	,	,	PUNCT
economy-6779	385	5	&	&	CCONJ
economy-6779	385	6	kontonikas	kontonikas	PROPN
economy-6779	385	7	,	,	PUNCT
economy-6779	385	8	a.	a.	NOUN
economy-6779	385	9	(	(	PUNCT
economy-6779	385	10	2008	2008	NUM
economy-6779	385	11	)	)	PUNCT
economy-6779	385	12	.	.	PUNCT
economy-6779	386	1	the	the	DET
economy-6779	386	2	impact	impact	NOUN
economy-6779	386	3	of	of	ADP
economy-6779	386	4	monetary	monetary	ADJ
economy-6779	386	5	policy	policy	NOUN
economy-6779	386	6	on	on	ADP
economy-6779	386	7	stock	stock	NOUN
economy-6779	386	8	prices	price	NOUN
economy-6779	386	9	.	.	PUNCT
economy-6779	387	1	journal	journal	NOUN
economy-6779	387	2	of	of	ADP
economy-6779	387	3	policy	policy	NOUN
economy-6779	387	4	modeling	modeling	NOUN
economy-6779	387	5	,	,	PUNCT
economy-6779	387	6	30(1	30(1	NUM
economy-6779	387	7	)	)	PUNCT
economy-6779	387	8	,	,	PUNCT
economy-6779	387	9	33	33	NUM
economy-6779	387	10	-	-	SYM
economy-6779	387	11	53	53	NUM
economy-6779	387	12	.	.	PUNCT
economy-6779	388	1	jansen	jansen	PROPN
economy-6779	388	2	,	,	PUNCT
economy-6779	388	3	d.	d.	PROPN
economy-6779	388	4	w.	w.	PROPN
economy-6779	388	5	,	,	PUNCT
economy-6779	388	6	&	&	CCONJ
economy-6779	388	7	tsai	tsai	PROPN
economy-6779	388	8	,	,	PUNCT
economy-6779	388	9	c.-l	c.-l	PROPN
economy-6779	388	10	.	.	PUNCT
economy-6779	389	1	(	(	PUNCT
economy-6779	389	2	2010	2010	NUM
economy-6779	389	3	)	)	PUNCT
economy-6779	389	4	.	.	PUNCT
economy-6779	390	1	monetary	monetary	ADJ
economy-6779	390	2	policy	policy	NOUN
economy-6779	390	3	and	and	CCONJ
economy-6779	390	4	stock	stock	NOUN
economy-6779	390	5	returns	return	NOUN
economy-6779	390	6	:	:	PUNCT
economy-6779	390	7	financing	financing	NOUN
economy-6779	390	8	constraints	constraint	NOUN
economy-6779	390	9	and	and	CCONJ
economy-6779	390	10	asymmetries	asymmetry	NOUN
economy-6779	390	11	in	in	ADP
economy-6779	390	12	bull	bull	NOUN
economy-6779	390	13	and	and	CCONJ
economy-6779	390	14	bear	bear	NOUN
economy-6779	390	15	markets	market	NOUN
economy-6779	390	16	.	.	PUNCT
economy-6779	391	1	journal	journal	NOUN
economy-6779	391	2	of	of	ADP
economy-6779	391	3	empirical	empirical	ADJ
economy-6779	391	4	finance	finance	NOUN
economy-6779	391	5	,	,	PUNCT
economy-6779	391	6	17(5	17(5	NUM
economy-6779	391	7	)	)	PUNCT
economy-6779	391	8	,	,	PUNCT
economy-6779	391	9	981	981	NUM
economy-6779	391	10	-	-	SYM
economy-6779	391	11	990	990	NUM
economy-6779	391	12	.	.	PUNCT
economy-6779	392	1	https://doi.org/10.1016/j.jempfin.2010.08.002	https://doi.org/10.1016/j.jempfin.2010.08.002	PROPN
economy-6779	392	2	jiang	jiang	PROPN
economy-6779	392	3	,	,	PUNCT
economy-6779	392	4	c.	c.	PROPN
economy-6779	392	5	(	(	PUNCT
economy-6779	392	6	2018	2018	NUM
economy-6779	392	7	)	)	PUNCT
economy-6779	392	8	.	.	PUNCT
economy-6779	393	1	the	the	DET
economy-6779	393	2	asymmetric	asymmetric	ADJ
economy-6779	393	3	effects	effect	NOUN
economy-6779	393	4	of	of	ADP
economy-6779	393	5	monetary	monetary	ADJ
economy-6779	393	6	policy	policy	NOUN
economy-6779	393	7	on	on	ADP
economy-6779	393	8	stock	stock	NOUN
economy-6779	393	9	market	market	NOUN
economy-6779	393	10	.	.	PUNCT
economy-6779	394	1	quarterly	quarterly	ADJ
economy-6779	394	2	journal	journal	NOUN
economy-6779	394	3	of	of	ADP
economy-6779	394	4	finance	finance	NOUN
economy-6779	394	5	,	,	PUNCT
economy-6779	394	6	8(03	8(03	NUM
economy-6779	394	7	)	)	PUNCT
economy-6779	394	8	,	,	PUNCT
economy-6779	394	9	1850008	1850008	NUM
economy-6779	394	10	.	.	PUNCT
economy-6779	395	1	kim	kim	PROPN
economy-6779	395	2	,	,	PUNCT
economy-6779	395	3	c.-j	c.-j	PROPN
economy-6779	395	4	.	.	PROPN
economy-6779	395	5	,	,	PUNCT
economy-6779	395	6	nelson	nelson	PROPN
economy-6779	395	7	,	,	PUNCT
economy-6779	395	8	c.	c.	PROPN
economy-6779	395	9	r.	r.	PROPN
economy-6779	395	10	,	,	PUNCT
economy-6779	395	11	&	&	CCONJ
economy-6779	395	12	startz	startz	PROPN
economy-6779	395	13	,	,	PUNCT
economy-6779	395	14	r.	r.	PROPN
economy-6779	395	15	(	(	PUNCT
economy-6779	395	16	1998	1998	NUM
economy-6779	395	17	)	)	PUNCT
economy-6779	395	18	.	.	PUNCT
economy-6779	396	1	testing	test	VERB
economy-6779	396	2	for	for	ADP
economy-6779	396	3	mean	mean	ADJ
economy-6779	396	4	reversion	reversion	NOUN
economy-6779	396	5	in	in	ADP
economy-6779	396	6	heteroskedastic	heteroskedastic	ADJ
economy-6779	396	7	data	datum	NOUN
economy-6779	396	8	based	base	VERB
economy-6779	396	9	on	on	ADP
economy-6779	396	10	gibbs	gibbs	PROPN
economy-6779	396	11	-	-	PUNCT
economy-6779	396	12	sampling	sample	VERB
economy-6779	396	13	-	-	PUNCT
economy-6779	396	14	augmented	augment	VERB
economy-6779	396	15	randomization	randomization	NOUN
economy-6779	396	16	.	.	PUNCT
economy-6779	397	1	journal	journal	NOUN
economy-6779	397	2	of	of	ADP
economy-6779	397	3	empirical	empirical	ADJ
economy-6779	397	4	finance	finance	NOUN
economy-6779	397	5	,	,	PUNCT
economy-6779	397	6	5(2	5(2	NUM
economy-6779	397	7	)	)	PUNCT
economy-6779	397	8	,	,	PUNCT
economy-6779	397	9	131	131	NUM
economy-6779	397	10	-	-	SYM
economy-6779	397	11	154	154	NUM
economy-6779	397	12	.	.	PUNCT
economy-6779	398	1	konrad	konrad	PROPN
economy-6779	398	2	,	,	PUNCT
economy-6779	398	3	e.	e.	PROPN
economy-6779	398	4	(	(	PUNCT
economy-6779	398	5	2009	2009	NUM
economy-6779	398	6	)	)	PUNCT
economy-6779	398	7	.	.	PUNCT
economy-6779	399	1	the	the	DET
economy-6779	399	2	impact	impact	NOUN
economy-6779	399	3	of	of	ADP
economy-6779	399	4	monetary	monetary	ADJ
economy-6779	399	5	policy	policy	NOUN
economy-6779	399	6	surprises	surprise	NOUN
economy-6779	399	7	on	on	ADP
economy-6779	399	8	asset	asset	NOUN
economy-6779	399	9	return	return	NOUN
economy-6779	399	10	volatility	volatility	NOUN
economy-6779	399	11	:	:	PUNCT
economy-6779	399	12	the	the	DET
economy-6779	399	13	case	case	NOUN
economy-6779	399	14	of	of	ADP
economy-6779	399	15	germany	germany	PROPN
economy-6779	399	16	.	.	PUNCT
economy-6779	400	1	financial	financial	ADJ
economy-6779	400	2	markets	market	NOUN
economy-6779	400	3	and	and	CCONJ
economy-6779	400	4	portfolio	portfolio	NOUN
economy-6779	400	5	management	management	NOUN
economy-6779	400	6	,	,	PUNCT
economy-6779	400	7	23(2	23(2	NOUN
economy-6779	400	8	)	)	PUNCT
economy-6779	400	9	,	,	PUNCT
economy-6779	400	10	111	111	NUM
economy-6779	400	11	-	-	SYM
economy-6779	400	12	135	135	NUM
economy-6779	400	13	.	.	PUNCT
economy-6779	400	14	https://doi.org/10.1007/s11408-009-0102-5	https://doi.org/10.1007/s11408-009-0102-5	NUM
economy-6779	400	15	krolzig	krolzig	PROPN
economy-6779	400	16	,	,	PUNCT
economy-6779	400	17	h.-m	h.-m	NOUN
economy-6779	400	18	.	.	PUNCT
economy-6779	401	1	(	(	PUNCT
economy-6779	401	2	1996	1996	NUM
economy-6779	401	3	)	)	PUNCT
economy-6779	401	4	.	.	PUNCT
economy-6779	402	1	statistical	statistical	ADJ
economy-6779	402	2	analysis	analysis	NOUN
economy-6779	402	3	of	of	ADP
economy-6779	402	4	cointegrated	cointegrate	VERB
economy-6779	402	5	var	var	NOUN
economy-6779	402	6	processes	process	NOUN
economy-6779	402	7	with	with	ADP
economy-6779	402	8	markovian	markovian	ADJ
economy-6779	402	9	regime	regime	NOUN
economy-6779	402	10	shifts	shift	NOUN
economy-6779	402	11	:	:	PUNCT
economy-6779	402	12	citeseer	citeseer	NOUN
economy-6779	402	13	.	.	PUNCT
economy-6779	403	1	krolzig	krolzig	PROPN
economy-6779	403	2	,	,	PUNCT
economy-6779	403	3	h.	h.	PROPN
economy-6779	403	4	,	,	PUNCT
economy-6779	403	5	&	&	CCONJ
economy-6779	403	6	toro	toro	PROPN
economy-6779	403	7	,	,	PUNCT
economy-6779	403	8	j.	j.	PROPN
economy-6779	403	9	(	(	PUNCT
economy-6779	403	10	2001	2001	NUM
economy-6779	403	11	)	)	PUNCT
economy-6779	403	12	.	.	PUNCT
economy-6779	404	1	a	a	DET
economy-6779	404	2	new	new	ADJ
economy-6779	404	3	approach	approach	NOUN
economy-6779	404	4	to	to	ADP
economy-6779	404	5	the	the	DET
economy-6779	404	6	analysis	analysis	NOUN
economy-6779	404	7	of	of	ADP
economy-6779	404	8	business	business	NOUN
economy-6779	404	9	cycle	cycle	NOUN
economy-6779	404	10	transitions	transition	NOUN
economy-6779	404	11	in	in	ADP
economy-6779	404	12	a	a	DET
economy-6779	404	13	model	model	NOUN
economy-6779	404	14	of	of	ADP
economy-6779	404	15	output	output	NOUN
economy-6779	404	16	and	and	CCONJ
economy-6779	404	17	employment	employment	NOUN
economy-6779	404	18	.	.	PUNCT
economy-6779	405	1	economics	economic	NOUN
economy-6779	405	2	series	series	PROPN
economy-6779	405	3	working	working	PROPN
economy-6779	405	4	papers	paper	NOUN
economy-6779	405	5	,	,	PUNCT
economy-6779	405	6	university	university	NOUN
economy-6779	405	7	of	of	ADP
economy-6779	405	8	oxford	oxford	PROPN
economy-6779	405	9	,	,	PUNCT
economy-6779	405	10	department	department	NOUN
economy-6779	405	11	of	of	ADP
economy-6779	405	12	economics	economic	NOUN
economy-6779	405	13	.	.	PUNCT
economy-6779	406	1	https://doi.org/10.1016/j.jinteco.2007.02.004	https://doi.org/10.1016/j.jinteco.2007.02.004	VERB
economy-6779	406	2	https://doi.org/10.1007/s101080050003	https://doi.org/10.1007/s101080050003	NOUN
economy-6779	407	1	https://doi.org/10.21121/eab.2018443927	https://doi.org/10.21121/eab.2018443927	PROPN
economy-6779	407	2	https://doi.org/10.1016/j.jbankfin.2008.05.012	https://doi.org/10.1016/j.jbankfin.2008.05.012	PROPN
economy-6779	407	3	https://doi.org/10.2202/1558-3708.1010	https://doi.org/10.2202/1558-3708.1010	PROPN
economy-6779	407	4	https://doi.org/10.1162/003465399558526	https://doi.org/10.1162/003465399558526	PROPN
economy-6779	407	5	https://doi.org/10.2307/2109851	https://doi.org/10.2307/2109851	X
economy-6779	407	6	https://doi.org/10.1016/j.jempfin.2010.08.002	https://doi.org/10.1016/j.jempfin.2010.08.002	NOUN
economy-6779	407	7	https://doi.org/10.1007/s11408-009-0102-5	https://doi.org/10.1007/s11408-009-0102-5	NUM
economy-6779	407	8	economy	economy	NOUN
economy-6779	407	9	,	,	PUNCT
economy-6779	407	10	2025	2025	NUM
economy-6779	407	11	,	,	PUNCT
economy-6779	407	12	12(2	12(2	NUM
economy-6779	407	13	):	):	PUNCT
economy-6779	407	14	40	40	NUM
economy-6779	407	15	-	-	SYM
economy-6779	407	16	50	50	NUM
economy-6779	407	17	50	50	NUM
economy-6779	407	18	©	©	ADP
economy-6779	407	19	2025	2025	NUM
economy-6779	407	20	by	by	ADP
economy-6779	407	21	the	the	DET
economy-6779	407	22	authors	author	NOUN
economy-6779	407	23	;	;	PUNCT
economy-6779	407	24	licensee	licensee	PROPN
economy-6779	407	25	asian	asian	ADJ
economy-6779	407	26	online	online	PROPN
economy-6779	407	27	journal	journal	PROPN
economy-6779	407	28	publishing	publishing	PROPN
economy-6779	407	29	group	group	PROPN
economy-6779	407	30	kurov	kurov	PROPN
economy-6779	407	31	,	,	PUNCT
economy-6779	407	32	a.	a.	NOUN
economy-6779	407	33	(	(	PUNCT
economy-6779	407	34	2010	2010	NUM
economy-6779	407	35	)	)	PUNCT
economy-6779	407	36	.	.	PUNCT
economy-6779	408	1	investor	investor	NOUN
economy-6779	408	2	sentiment	sentiment	NOUN
economy-6779	408	3	and	and	CCONJ
economy-6779	408	4	the	the	DET
economy-6779	408	5	stock	stock	NOUN
economy-6779	408	6	market	market	NOUN
economy-6779	408	7	’s	’s	PART
economy-6779	408	8	reaction	reaction	NOUN
economy-6779	408	9	to	to	ADP
economy-6779	408	10	monetary	monetary	ADJ
economy-6779	408	11	policy	policy	NOUN
economy-6779	408	12	.	.	PUNCT
economy-6779	409	1	journal	journal	NOUN
economy-6779	409	2	of	of	ADP
economy-6779	409	3	banking	banking	NOUN
economy-6779	409	4	&	&	CCONJ
economy-6779	409	5	finance	finance	NOUN
economy-6779	409	6	,	,	PUNCT
economy-6779	409	7	34(1	34(1	NUM
economy-6779	409	8	)	)	PUNCT
economy-6779	409	9	,	,	PUNCT
economy-6779	409	10	139	139	NUM
economy-6779	409	11	-	-	SYM
economy-6779	409	12	149	149	NUM
economy-6779	409	13	.	.	PUNCT
economy-6779	410	1	https://doi.org/10.1016/j.jbankfin.2009.07.010	https://doi.org/10.1016/j.jbankfin.2009.07.010	PROPN
economy-6779	410	2	laopodis	laopodis	PROPN
economy-6779	410	3	,	,	PUNCT
economy-6779	410	4	n.	n.	NOUN
economy-6779	410	5	t.	t.	PROPN
economy-6779	410	6	(	(	PUNCT
economy-6779	410	7	2013	2013	NUM
economy-6779	410	8	)	)	PUNCT
economy-6779	410	9	.	.	PUNCT
economy-6779	411	1	monetary	monetary	ADJ
economy-6779	411	2	policy	policy	NOUN
economy-6779	411	3	and	and	CCONJ
economy-6779	411	4	stock	stock	NOUN
economy-6779	411	5	market	market	NOUN
economy-6779	411	6	dynamics	dynamic	NOUN
economy-6779	411	7	across	across	ADP
economy-6779	411	8	monetary	monetary	ADJ
economy-6779	411	9	regimes	regime	NOUN
economy-6779	411	10	.	.	PUNCT
economy-6779	411	11	journal	journal	PROPN
economy-6779	411	12	of	of	ADP
economy-6779	411	13	international	international	ADJ
economy-6779	411	14	money	money	NOUN
economy-6779	411	15	and	and	CCONJ
economy-6779	411	16	finance	finance	NOUN
economy-6779	411	17	,	,	PUNCT
economy-6779	411	18	33	33	NUM
economy-6779	411	19	,	,	PUNCT
economy-6779	411	20	381	381	NUM
economy-6779	411	21	-	-	SYM
economy-6779	411	22	406	406	NUM
economy-6779	411	23	.	.	PUNCT
economy-6779	412	1	lobo	lobo	PROPN
economy-6779	412	2	,	,	PUNCT
economy-6779	412	3	b.	b.	PROPN
economy-6779	412	4	j.	j.	PROPN
economy-6779	412	5	(	(	PUNCT
economy-6779	412	6	2000	2000	NUM
economy-6779	412	7	)	)	PUNCT
economy-6779	412	8	.	.	PUNCT
economy-6779	413	1	asymmetric	asymmetric	ADJ
economy-6779	413	2	effects	effect	NOUN
economy-6779	413	3	of	of	ADP
economy-6779	413	4	interest	interest	NOUN
economy-6779	413	5	rate	rate	NOUN
economy-6779	413	6	changes	change	NOUN
economy-6779	413	7	on	on	ADP
economy-6779	413	8	stock	stock	NOUN
economy-6779	413	9	prices	price	NOUN
economy-6779	413	10	.	.	PUNCT
economy-6779	414	1	financial	financial	ADJ
economy-6779	414	2	review	review	PROPN
economy-6779	414	3	,	,	PUNCT
economy-6779	414	4	35(3	35(3	NUM
economy-6779	414	5	)	)	PUNCT
economy-6779	414	6	,	,	PUNCT
economy-6779	414	7	125	125	NUM
economy-6779	414	8	-	-	SYM
economy-6779	414	9	144	144	NUM
economy-6779	414	10	.	.	PUNCT
economy-6779	415	1	lobo	lobo	PROPN
economy-6779	415	2	,	,	PUNCT
economy-6779	415	3	b.	b.	PROPN
economy-6779	415	4	j.	j.	PROPN
economy-6779	415	5	(	(	PUNCT
economy-6779	415	6	2002	2002	NUM
economy-6779	415	7	)	)	PUNCT
economy-6779	415	8	.	.	PUNCT
economy-6779	416	1	interest	interest	NOUN
economy-6779	416	2	rate	rate	NOUN
economy-6779	416	3	surprises	surprise	NOUN
economy-6779	416	4	and	and	CCONJ
economy-6779	416	5	stock	stock	NOUN
economy-6779	416	6	prices	price	NOUN
economy-6779	416	7	.	.	PUNCT
economy-6779	417	1	financial	financial	ADJ
economy-6779	417	2	review	review	PROPN
economy-6779	417	3	,	,	PUNCT
economy-6779	417	4	37(1	37(1	NUM
economy-6779	417	5	)	)	PUNCT
economy-6779	417	6	,	,	PUNCT
economy-6779	417	7	73	73	NUM
economy-6779	417	8	-	-	SYM
economy-6779	417	9	91	91	NUM
economy-6779	417	10	.	.	PUNCT
economy-6779	418	1	ma	ma	PROPN
economy-6779	418	2	,	,	PUNCT
economy-6779	418	3	y.	y.	PROPN
economy-6779	418	4	,	,	PUNCT
economy-6779	418	5	wang	wang	PROPN
economy-6779	418	6	,	,	PUNCT
economy-6779	418	7	z.	z.	PROPN
economy-6779	418	8	,	,	PUNCT
economy-6779	418	9	&	&	CCONJ
economy-6779	418	10	he	he	PRON
economy-6779	418	11	,	,	PUNCT
economy-6779	418	12	f.	f.	PROPN
economy-6779	418	13	(	(	PUNCT
economy-6779	418	14	2022	2022	NUM
economy-6779	418	15	)	)	PUNCT
economy-6779	418	16	.	.	PUNCT
economy-6779	419	1	how	how	SCONJ
economy-6779	419	2	do	do	AUX
economy-6779	419	3	economic	economic	ADJ
economy-6779	419	4	policy	policy	NOUN
economy-6779	419	5	uncertainties	uncertainty	NOUN
economy-6779	419	6	affect	affect	VERB
economy-6779	419	7	stock	stock	NOUN
economy-6779	419	8	market	market	NOUN
economy-6779	419	9	volatility	volatility	NOUN
economy-6779	419	10	?	?	PUNCT
economy-6779	420	1	evidence	evidence	NOUN
economy-6779	420	2	from	from	ADP
economy-6779	420	3	g7	g7	PROPN
economy-6779	420	4	countries	country	NOUN
economy-6779	420	5	.	.	PUNCT
economy-6779	421	1	international	international	ADJ
economy-6779	421	2	journal	journal	PROPN
economy-6779	421	3	of	of	ADP
economy-6779	421	4	finance	finance	PROPN
economy-6779	421	5	&	&	CCONJ
economy-6779	421	6	economics	economic	NOUN
economy-6779	421	7	,	,	PUNCT
economy-6779	421	8	27(2	27(2	NUM
economy-6779	421	9	)	)	PUNCT
economy-6779	421	10	,	,	PUNCT
economy-6779	421	11	2303	2303	NUM
economy-6779	421	12	-	-	SYM
economy-6779	421	13	2325	2325	NUM
economy-6779	421	14	.	.	PUNCT
economy-6779	422	1	https://doi.org/10.1002/ijfe.2274	https://doi.org/10.1002/ijfe.2274	PROPN
economy-6779	422	2	mumtaz	mumtaz	PROPN
economy-6779	422	3	,	,	PUNCT
economy-6779	422	4	h.	h.	PROPN
economy-6779	422	5	,	,	PUNCT
economy-6779	422	6	&	&	CCONJ
economy-6779	422	7	zanetti	zanetti	PROPN
economy-6779	422	8	,	,	PUNCT
economy-6779	422	9	f.	f.	PROPN
economy-6779	422	10	(	(	PUNCT
economy-6779	422	11	2013	2013	NUM
economy-6779	422	12	)	)	PUNCT
economy-6779	422	13	.	.	PUNCT
economy-6779	423	1	the	the	DET
economy-6779	423	2	impact	impact	NOUN
economy-6779	423	3	of	of	ADP
economy-6779	423	4	the	the	DET
economy-6779	423	5	volatility	volatility	NOUN
economy-6779	423	6	of	of	ADP
economy-6779	423	7	monetary	monetary	ADJ
economy-6779	423	8	policy	policy	NOUN
economy-6779	423	9	shocks	shock	NOUN
economy-6779	423	10	.	.	PUNCT
economy-6779	424	1	journal	journal	NOUN
economy-6779	424	2	of	of	ADP
economy-6779	424	3	money	money	NOUN
economy-6779	424	4	,	,	PUNCT
economy-6779	424	5	credit	credit	NOUN
economy-6779	424	6	and	and	CCONJ
economy-6779	424	7	banking	banking	NOUN
economy-6779	424	8	,	,	PUNCT
economy-6779	424	9	45(4	45(4	NUM
economy-6779	424	10	)	)	PUNCT
economy-6779	424	11	,	,	PUNCT
economy-6779	424	12	535	535	NUM
economy-6779	424	13	-	-	SYM
economy-6779	424	14	558	558	NUM
economy-6779	424	15	.	.	PUNCT
economy-6779	425	1	okigbo	okigbo	NOUN
economy-6779	425	2	,	,	PUNCT
economy-6779	425	3	p.	p.	NOUN
economy-6779	425	4	(	(	PUNCT
economy-6779	425	5	2008	2008	NUM
economy-6779	425	6	)	)	PUNCT
economy-6779	425	7	.	.	PUNCT
economy-6779	426	1	nigeria	nigeria	PROPN
economy-6779	426	2	’s	’s	PART
economy-6779	426	3	financial	financial	ADJ
economy-6779	426	4	system	system	NOUN
economy-6779	426	5	:	:	PUNCT
economy-6779	426	6	structure	structure	NOUN
economy-6779	426	7	and	and	CCONJ
economy-6779	426	8	growth	growth	NOUN
economy-6779	426	9	.	.	PUNCT
economy-6779	427	1	ibadan	ibadan	PROPN
economy-6779	427	2	:	:	PUNCT
economy-6779	427	3	longmans	longmans	PROPN
economy-6779	427	4	.	.	PUNCT
economy-6779	428	1	okpara	okpara	PROPN
economy-6779	428	2	,	,	PUNCT
economy-6779	428	3	g.	g.	PROPN
economy-6779	428	4	c.	c.	PROPN
economy-6779	428	5	(	(	PUNCT
economy-6779	428	6	2010	2010	NUM
economy-6779	428	7	)	)	PUNCT
economy-6779	428	8	.	.	PUNCT
economy-6779	429	1	monetary	monetary	ADJ
economy-6779	429	2	policy	policy	NOUN
economy-6779	429	3	and	and	CCONJ
economy-6779	429	4	stock	stock	NOUN
economy-6779	429	5	market	market	NOUN
economy-6779	429	6	returns	return	NOUN
economy-6779	429	7	:	:	PUNCT
economy-6779	429	8	evidence	evidence	NOUN
economy-6779	429	9	from	from	ADP
economy-6779	429	10	nigeria	nigeria	PROPN
economy-6779	429	11	.	.	PUNCT
economy-6779	430	1	journal	journal	PROPN
economy-6779	430	2	of	of	ADP
economy-6779	430	3	economics	economic	NOUN
economy-6779	430	4	,	,	PUNCT
economy-6779	430	5	1(1	1(1	NUM
economy-6779	430	6	)	)	PUNCT
economy-6779	430	7	,	,	PUNCT
economy-6779	430	8	13	13	NUM
economy-6779	430	9	-	-	SYM
economy-6779	430	10	21	21	NUM
economy-6779	430	11	.	.	PUNCT
economy-6779	431	1	https://doi.org/10.1080/09765239.2010.11884920	https://doi.org/10.1080/09765239.2010.11884920	PROPN
economy-6779	431	2	osakwe	osakwe	ADJ
economy-6779	431	3	,	,	PUNCT
economy-6779	431	4	a.	a.	PROPN
economy-6779	431	5	c.	c.	PROPN
economy-6779	431	6	,	,	PUNCT
economy-6779	431	7	&	&	CCONJ
economy-6779	431	8	chukwunulu	chukwunulu	PROPN
economy-6779	431	9	,	,	PUNCT
economy-6779	431	10	j.	j.	PROPN
economy-6779	431	11	i.	i.	PROPN
economy-6779	431	12	(	(	PUNCT
economy-6779	431	13	2019	2019	NUM
economy-6779	431	14	)	)	PUNCT
economy-6779	431	15	.	.	PUNCT
economy-6779	432	1	monetary	monetary	ADJ
economy-6779	432	2	policy	policy	NOUN
economy-6779	432	3	and	and	CCONJ
economy-6779	432	4	stock	stock	NOUN
economy-6779	432	5	market	market	NOUN
economy-6779	432	6	performance	performance	NOUN
economy-6779	432	7	in	in	ADP
economy-6779	432	8	nigeria	nigeria	PROPN
economy-6779	432	9	.	.	PUNCT
economy-6779	433	1	epra	epra	PROPN
economy-6779	433	2	international	international	PROPN
economy-6779	433	3	journal	journal	PROPN
economy-6779	433	4	of	of	ADP
economy-6779	433	5	research	research	NOUN
economy-6779	433	6	and	and	CCONJ
economy-6779	433	7	development	development	NOUN
economy-6779	433	8	,	,	PUNCT
economy-6779	433	9	4(5	4(5	PROPN
economy-6779	433	10	)	)	PUNCT
economy-6779	433	11	,	,	PUNCT
economy-6779	433	12	58	58	NUM
economy-6779	433	13	-	-	SYM
economy-6779	433	14	65	65	NUM
economy-6779	433	15	.	.	PUNCT
economy-6779	434	1	pitelis	pitelis	PROPN
economy-6779	434	2	,	,	PUNCT
economy-6779	434	3	c.	c.	PROPN
economy-6779	434	4	(	(	PUNCT
economy-6779	434	5	2013	2013	NUM
economy-6779	434	6	)	)	PUNCT
economy-6779	434	7	.	.	PUNCT
economy-6779	435	1	the	the	DET
economy-6779	435	2	asymmetric	asymmetric	ADJ
economy-6779	435	3	effects	effect	NOUN
economy-6779	435	4	of	of	ADP
economy-6779	435	5	investor	investor	NOUN
economy-6779	435	6	sentiment	sentiment	NOUN
economy-6779	435	7	and	and	CCONJ
economy-6779	435	8	monetary	monetary	ADJ
economy-6779	435	9	policy	policy	NOUN
economy-6779	435	10	on	on	ADP
economy-6779	435	11	stock	stock	NOUN
economy-6779	435	12	prices	price	NOUN
economy-6779	435	13	.	.	PUNCT
economy-6779	436	1	researchgate	researchgate	NOUN
economy-6779	436	2	.	.	PUNCT
economy-6779	437	1	retrieved	retrieve	VERB
economy-6779	437	2	from	from	ADP
economy-6779	437	3	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on	NOUN
economy-6779	437	4	_	_	PUNCT
economy-6779	438	1	stock_prices	stock_price	NOUN
economy-6779	438	2	poon	poon	NOUN
economy-6779	438	3	,	,	PUNCT
economy-6779	438	4	s.-h	s.-h	NOUN
economy-6779	438	5	.	.	PUNCT
economy-6779	438	6	,	,	PUNCT
economy-6779	438	7	&	&	CCONJ
economy-6779	438	8	granger	granger	PROPN
economy-6779	438	9	,	,	PUNCT
economy-6779	438	10	c.	c.	PROPN
economy-6779	438	11	w.	w.	PROPN
economy-6779	438	12	j.	j.	PROPN
economy-6779	438	13	(	(	PUNCT
economy-6779	438	14	2003	2003	NUM
economy-6779	438	15	)	)	PUNCT
economy-6779	438	16	.	.	PUNCT
economy-6779	439	1	forecasting	forecast	VERB
economy-6779	439	2	volatility	volatility	NOUN
economy-6779	439	3	in	in	ADP
economy-6779	439	4	financial	financial	ADJ
economy-6779	439	5	markets	market	NOUN
economy-6779	439	6	:	:	PUNCT
economy-6779	439	7	a	a	DET
economy-6779	439	8	review	review	NOUN
economy-6779	439	9	.	.	PUNCT
economy-6779	440	1	journal	journal	NOUN
economy-6779	440	2	of	of	ADP
economy-6779	440	3	economic	economic	ADJ
economy-6779	440	4	literature	literature	NOUN
economy-6779	440	5	,	,	PUNCT
economy-6779	440	6	41(2	41(2	NUM
economy-6779	440	7	)	)	PUNCT
economy-6779	440	8	,	,	PUNCT
economy-6779	440	9	478	478	NUM
economy-6779	440	10	-	-	SYM
economy-6779	440	11	539	539	NUM
economy-6779	440	12	.	.	PUNCT
economy-6779	441	1	reszat	reszat	VERB
economy-6779	441	2	,	,	PUNCT
economy-6779	441	3	b.	b.	PROPN
economy-6779	441	4	(	(	PUNCT
economy-6779	441	5	2008	2008	NUM
economy-6779	441	6	)	)	PUNCT
economy-6779	441	7	.	.	PUNCT
economy-6779	442	1	european	european	ADJ
economy-6779	442	2	financial	financial	ADJ
economy-6779	442	3	systems	system	NOUN
economy-6779	442	4	in	in	ADP
economy-6779	442	5	the	the	DET
economy-6779	442	6	global	global	ADJ
economy-6779	442	7	economy	economy	NOUN
economy-6779	442	8	.	.	PUNCT
economy-6779	443	1	chichester	chichester	PROPN
economy-6779	443	2	,	,	PUNCT
economy-6779	443	3	england	england	PROPN
economy-6779	443	4	:	:	PUNCT
economy-6779	443	5	wiley	wiley	PROPN
economy-6779	443	6	publishers	publishers	PROPN
economy-6779	443	7	ltd	ltd	PROPN
economy-6779	443	8	.	.	PROPN
economy-6779	443	9	shehu	shehu	PROPN
economy-6779	443	10	ur	ur	INTJ
economy-6779	443	11	,	,	PUNCT
economy-6779	443	12	a.	a.	NOUN
economy-6779	443	13	(	(	PUNCT
economy-6779	443	14	2021	2021	NUM
economy-6779	443	15	)	)	PUNCT
economy-6779	443	16	.	.	PUNCT
economy-6779	444	1	reactions	reaction	NOUN
economy-6779	444	2	of	of	ADP
economy-6779	444	3	stock	stock	NOUN
economy-6779	444	4	market	market	NOUN
economy-6779	444	5	to	to	ADP
economy-6779	444	6	monetary	monetary	ADJ
economy-6779	444	7	policy	policy	NOUN
economy-6779	444	8	shocks	shock	NOUN
economy-6779	444	9	during	during	ADP
economy-6779	444	10	the	the	DET
economy-6779	444	11	global	global	ADJ
economy-6779	444	12	financial	financial	ADJ
economy-6779	444	13	crisis	crisis	NOUN
economy-6779	444	14	:	:	PUNCT
economy-6779	444	15	the	the	DET
economy-6779	444	16	nigerian	nigerian	ADJ
economy-6779	444	17	case	case	NOUN
economy-6779	444	18	.	.	PUNCT
economy-6779	445	1	cbn	cbn	PROPN
economy-6779	445	2	journal	journal	PROPN
economy-6779	445	3	of	of	ADP
economy-6779	445	4	applied	applied	ADJ
economy-6779	445	5	statistics	statistic	NOUN
economy-6779	445	6	,	,	PUNCT
economy-6779	445	7	1(3	1(3	NUM
economy-6779	445	8	)	)	PUNCT
economy-6779	445	9	,	,	PUNCT
economy-6779	445	10	17	17	NUM
economy-6779	445	11	-	-	SYM
economy-6779	445	12	41	41	NUM
economy-6779	445	13	.	.	PUNCT
economy-6779	446	1	si	si	X
economy-6779	446	2	,	,	PUNCT
economy-6779	446	3	d.-k	d.-k	PROPN
economy-6779	446	4	.	.	PUNCT
economy-6779	446	5	,	,	PUNCT
economy-6779	446	6	zhao	zhao	PROPN
economy-6779	446	7	,	,	PUNCT
economy-6779	446	8	b.	b.	PROPN
economy-6779	446	9	,	,	PUNCT
economy-6779	446	10	li	li	PROPN
economy-6779	446	11	,	,	PUNCT
economy-6779	446	12	x.-l	x.-l	PROPN
economy-6779	446	13	.	.	PUNCT
economy-6779	446	14	,	,	PUNCT
economy-6779	446	15	&	&	CCONJ
economy-6779	446	16	ding	ding	PROPN
economy-6779	446	17	,	,	PUNCT
economy-6779	446	18	h.	h.	PROPN
economy-6779	446	19	(	(	PUNCT
economy-6779	446	20	2021	2021	NUM
economy-6779	446	21	)	)	PUNCT
economy-6779	446	22	.	.	PUNCT
economy-6779	447	1	policy	policy	NOUN
economy-6779	447	2	uncertainty	uncertainty	NOUN
economy-6779	447	3	and	and	CCONJ
economy-6779	447	4	sectoral	sectoral	ADJ
economy-6779	447	5	stock	stock	NOUN
economy-6779	447	6	market	market	NOUN
economy-6779	447	7	volatility	volatility	NOUN
economy-6779	447	8	in	in	ADP
economy-6779	447	9	china	china	PROPN
economy-6779	447	10	.	.	PUNCT
economy-6779	448	1	economic	economic	ADJ
economy-6779	448	2	analysis	analysis	NOUN
economy-6779	448	3	and	and	CCONJ
economy-6779	448	4	policy	policy	NOUN
economy-6779	448	5	,	,	PUNCT
economy-6779	448	6	69	69	NUM
economy-6779	448	7	,	,	PUNCT
economy-6779	448	8	557	557	NUM
economy-6779	448	9	-	-	SYM
economy-6779	448	10	573	573	NUM
economy-6779	448	11	.	.	PUNCT
economy-6779	449	1	sobrun	sobrun	PROPN
economy-6779	449	2	,	,	PUNCT
economy-6779	449	3	j.	j.	PROPN
economy-6779	449	4	,	,	PUNCT
economy-6779	449	5	&	&	CCONJ
economy-6779	449	6	turner	turner	PROPN
economy-6779	449	7	,	,	PUNCT
economy-6779	449	8	p.	p.	NOUN
economy-6779	449	9	(	(	PUNCT
economy-6779	449	10	2015	2015	NUM
economy-6779	449	11	)	)	PUNCT
economy-6779	449	12	.	.	PUNCT
economy-6779	450	1	bonds	bond	NOUN
economy-6779	450	2	markets	market	NOUN
economy-6779	450	3	and	and	CCONJ
economy-6779	450	4	monetary	monetary	ADJ
economy-6779	450	5	policy	policy	NOUN
economy-6779	450	6	dilemmas	dilemma	NOUN
economy-6779	450	7	for	for	ADP
economy-6779	450	8	the	the	DET
economy-6779	450	9	emerging	emerge	VERB
economy-6779	450	10	markets	market	NOUN
economy-6779	450	11	.	.	PUNCT
economy-6779	451	1	bank	bank	NOUN
economy-6779	451	2	for	for	ADP
economy-6779	451	3	international	international	ADJ
economy-6779	451	4	settlements	settlement	NOUN
economy-6779	451	5	working	work	VERB
economy-6779	451	6	papers	paper	NOUN
economy-6779	451	7	no	no	INTJ
economy-6779	451	8	.	.	PUNCT
economy-6779	452	1	508	508	NUM
economy-6779	452	2	.	.	PUNCT
economy-6779	453	1	vähämaa	vähämaa	NOUN
economy-6779	453	2	,	,	PUNCT
economy-6779	453	3	s.	s.	PROPN
economy-6779	453	4	,	,	PUNCT
economy-6779	453	5	&	&	CCONJ
economy-6779	453	6	äijö	äijö	PROPN
economy-6779	453	7	,	,	PUNCT
economy-6779	453	8	j.	j.	PROPN
economy-6779	453	9	(	(	PUNCT
economy-6779	453	10	2011	2011	NUM
economy-6779	453	11	)	)	PUNCT
economy-6779	453	12	.	.	PUNCT
economy-6779	454	1	the	the	DET
economy-6779	454	2	fed	fed	PROPN
economy-6779	454	3	's	's	PART
economy-6779	454	4	policy	policy	NOUN
economy-6779	454	5	decisions	decision	NOUN
economy-6779	454	6	and	and	CCONJ
economy-6779	454	7	implied	imply	VERB
economy-6779	454	8	volatility	volatility	NOUN
economy-6779	454	9	.	.	PUNCT
economy-6779	455	1	journal	journal	PROPN
economy-6779	455	2	of	of	ADP
economy-6779	455	3	futures	future	NOUN
economy-6779	455	4	markets	market	NOUN
economy-6779	455	5	,	,	PUNCT
economy-6779	455	6	31(10	31(10	NUM
economy-6779	455	7	)	)	PUNCT
economy-6779	455	8	,	,	PUNCT
economy-6779	455	9	995	995	NUM
economy-6779	455	10	-	-	SYM
economy-6779	455	11	1010	1010	NUM
economy-6779	455	12	.	.	PUNCT
economy-6779	456	1	https://doi.org/10.1002/fut.20503	https://doi.org/10.1002/fut.20503	PROPN
economy-6779	456	2	yang	yang	PROPN
economy-6779	456	3	,	,	PUNCT
economy-6779	456	4	t.	t.	PROPN
economy-6779	456	5	,	,	PUNCT
economy-6779	456	6	zhou	zhou	PROPN
economy-6779	456	7	,	,	PUNCT
economy-6779	456	8	f.	f.	PROPN
economy-6779	456	9	,	,	PUNCT
economy-6779	456	10	du	du	PROPN
economy-6779	456	11	,	,	PUNCT
economy-6779	456	12	m.	m.	NOUN
economy-6779	456	13	,	,	PUNCT
economy-6779	456	14	du	du	PROPN
economy-6779	456	15	,	,	PUNCT
economy-6779	456	16	q.	q.	PROPN
economy-6779	456	17	,	,	PUNCT
economy-6779	456	18	&	&	CCONJ
economy-6779	456	19	zhou	zhou	PROPN
economy-6779	456	20	,	,	PUNCT
economy-6779	456	21	s.	s.	PROPN
economy-6779	456	22	(	(	PUNCT
economy-6779	456	23	2023	2023	NUM
economy-6779	456	24	)	)	PUNCT
economy-6779	456	25	.	.	PUNCT
economy-6779	457	1	fluctuation	fluctuation	NOUN
economy-6779	457	2	in	in	ADP
economy-6779	457	3	the	the	DET
economy-6779	457	4	global	global	ADJ
economy-6779	457	5	oil	oil	NOUN
economy-6779	457	6	market	market	NOUN
economy-6779	457	7	,	,	PUNCT
economy-6779	457	8	stock	stock	NOUN
economy-6779	457	9	market	market	NOUN
economy-6779	457	10	volatility	volatility	NOUN
economy-6779	457	11	,	,	PUNCT
economy-6779	457	12	and	and	CCONJ
economy-6779	457	13	economic	economic	ADJ
economy-6779	457	14	policy	policy	NOUN
economy-6779	457	15	uncertainty	uncertainty	NOUN
economy-6779	457	16	:	:	PUNCT
economy-6779	457	17	a	a	DET
economy-6779	457	18	study	study	NOUN
economy-6779	457	19	of	of	ADP
economy-6779	457	20	the	the	DET
economy-6779	457	21	us	us	PROPN
economy-6779	457	22	and	and	CCONJ
economy-6779	457	23	china	china	PROPN
economy-6779	457	24	.	.	PUNCT
economy-6779	458	1	the	the	DET
economy-6779	458	2	quarterly	quarterly	ADJ
economy-6779	458	3	review	review	NOUN
economy-6779	458	4	of	of	ADP
economy-6779	458	5	economics	economic	NOUN
economy-6779	458	6	and	and	CCONJ
economy-6779	458	7	finance	finance	NOUN
economy-6779	458	8	,	,	PUNCT
economy-6779	458	9	87	87	NUM
economy-6779	458	10	,	,	PUNCT
economy-6779	458	11	377	377	NUM
economy-6779	458	12	-	-	SYM
economy-6779	458	13	387	387	NUM
economy-6779	458	14	.	.	PUNCT
economy-6779	458	15	https://doi.org/10.1016/j.qref.2021.08.006	https://doi.org/10.1016/j.qref.2021.08.006	PROPN
economy-6779	458	16	yoshino	yoshino	PROPN
economy-6779	458	17	,	,	PUNCT
economy-6779	458	18	n.	n.	NOUN
economy-6779	458	19	,	,	PUNCT
economy-6779	458	20	taghizadeh	taghizadeh	NOUN
economy-6779	458	21	-	-	PUNCT
economy-6779	458	22	hesary	hesary	ADJ
economy-6779	458	23	,	,	PUNCT
economy-6779	458	24	f.	f.	PROPN
economy-6779	458	25	,	,	PUNCT
economy-6779	458	26	hassanzadeh	hassanzadeh	PROPN
economy-6779	458	27	,	,	PUNCT
economy-6779	458	28	a.	a.	NOUN
economy-6779	458	29	,	,	PUNCT
economy-6779	458	30	&	&	CCONJ
economy-6779	458	31	prasetyo	prasetyo	NOUN
economy-6779	458	32	,	,	PUNCT
economy-6779	458	33	a.	a.	PROPN
economy-6779	458	34	d.	d.	PROPN
economy-6779	458	35	(	(	PUNCT
economy-6779	458	36	2014	2014	NUM
economy-6779	458	37	)	)	PUNCT
economy-6779	458	38	.	.	PUNCT
economy-6779	459	1	response	response	NOUN
economy-6779	459	2	of	of	ADP
economy-6779	459	3	stock	stock	NOUN
economy-6779	459	4	markets	market	NOUN
economy-6779	459	5	to	to	ADP
economy-6779	459	6	monetary	monetary	ADJ
economy-6779	459	7	policy	policy	NOUN
economy-6779	459	8	:	:	PUNCT
economy-6779	459	9	the	the	DET
economy-6779	459	10	tehran	tehran	PROPN
economy-6779	459	11	stock	stock	NOUN
economy-6779	459	12	market	market	PROPN
economy-6779	459	13	perspective	perspective	NOUN
economy-6779	459	14	.	.	PUNCT
economy-6779	460	1	journal	journal	NOUN
economy-6779	460	2	of	of	ADP
economy-6779	460	3	comparative	comparative	ADJ
economy-6779	460	4	asian	asian	ADJ
economy-6779	460	5	development	development	NOUN
economy-6779	460	6	,	,	PUNCT
economy-6779	460	7	13(3	13(3	NUM
economy-6779	460	8	)	)	PUNCT
economy-6779	460	9	,	,	PUNCT
economy-6779	460	10	517	517	NUM
economy-6779	460	11	-	-	SYM
economy-6779	460	12	545	545	NUM
economy-6779	460	13	.	.	PUNCT
economy-6779	461	1	https://doi.org/10.1080/15339114.2014.985458	https://doi.org/10.1080/15339114.2014.985458	PROPN
economy-6779	461	2	zare	zare	PROPN
economy-6779	461	3	,	,	PUNCT
economy-6779	461	4	r.	r.	PROPN
economy-6779	461	5	,	,	PUNCT
economy-6779	461	6	azali	azali	VERB
economy-6779	461	7	,	,	PUNCT
economy-6779	461	8	m.	m.	NOUN
economy-6779	461	9	,	,	PUNCT
economy-6779	461	10	&	&	CCONJ
economy-6779	461	11	habibullah	habibullah	PROPN
economy-6779	461	12	,	,	PUNCT
economy-6779	461	13	m.	m.	NOUN
economy-6779	461	14	s.	s.	PROPN
economy-6779	461	15	(	(	PUNCT
economy-6779	461	16	2013	2013	NUM
economy-6779	461	17	)	)	PUNCT
economy-6779	461	18	.	.	PUNCT
economy-6779	462	1	monetary	monetary	ADJ
economy-6779	462	2	policy	policy	NOUN
economy-6779	462	3	and	and	CCONJ
economy-6779	462	4	stock	stock	NOUN
economy-6779	462	5	market	market	NOUN
economy-6779	462	6	volatility	volatility	NOUN
economy-6779	462	7	in	in	ADP
economy-6779	462	8	the	the	DET
economy-6779	462	9	asean5	asean5	NOUN
economy-6779	462	10	:	:	PUNCT
economy-6779	462	11	asymmetries	asymmetry	NOUN
economy-6779	462	12	over	over	ADP
economy-6779	462	13	bull	bull	NOUN
economy-6779	462	14	and	and	CCONJ
economy-6779	462	15	bear	bear	NOUN
economy-6779	462	16	markets	market	NOUN
economy-6779	462	17	.	.	PUNCT
economy-6779	463	1	procedia	procedia	ADJ
economy-6779	463	2	economics	economic	NOUN
economy-6779	463	3	and	and	CCONJ
economy-6779	463	4	finance	finance	NOUN
economy-6779	463	5	,	,	PUNCT
economy-6779	463	6	7	7	NUM
economy-6779	463	7	,	,	PUNCT
economy-6779	463	8	18	18	NUM
economy-6779	463	9	-	-	SYM
economy-6779	463	10	27	27	NUM
economy-6779	463	11	.	.	PUNCT
economy-6779	464	1	https://doi.org/10.1016/s2212-5671(13)00213-x	https://doi.org/10.1016/s2212-5671(13)00213-x	NOUN
economy-6779	464	2	appendix	appendix	NOUN
economy-6779	464	3	appendix	appendix	X
economy-6779	464	4	1	1	NUM
economy-6779	464	5	.	.	PUNCT
economy-6779	464	6	descriptive	descriptive	ADJ
economy-6779	464	7	statistics	statistic	NOUN
economy-6779	464	8	.	.	PUNCT
economy-6779	465	1	variables	variable	NOUN
economy-6779	465	2	intr	intr	VERB
economy-6779	465	3	exchr	exchr	PROPN
economy-6779	465	4	ipi	ipi	PROPN
economy-6779	465	5	m2	m2	PROPN
economy-6779	466	1	allshr	allshr	NOUN
economy-6779	466	2	mean	mean	VERB
economy-6779	466	3	15.56	15.56	NUM
economy-6779	466	4	95.8	95.8	NUM
economy-6779	466	5	789	789	NUM
economy-6779	466	6	12.4	12.4	NUM
economy-6779	466	7	356	356	NUM
economy-6779	466	8	median	median	NOUN
economy-6779	466	9	14.27	14.27	NUM
economy-6779	466	10	99.8	99.8	NUM
economy-6779	466	11	809	809	NUM
economy-6779	466	12	12.6	12.6	NUM
economy-6779	466	13	347	347	NUM
economy-6779	466	14	maximum	maximum	ADJ
economy-6779	466	15	30.23	30.23	NUM
economy-6779	466	16	206	206	NUM
economy-6779	466	17	217	217	NUM
economy-6779	466	18	16.1	16.1	NUM
economy-6779	466	19	777	777	NUM
economy-6779	466	20	minimum	minimum	NOUN
economy-6779	466	21	5.91	5.91	NUM
economy-6779	466	22	7.60	7.60	NUM
economy-6779	466	23	145	145	NUM
economy-6779	466	24	8.20	8.20	NUM
economy-6779	466	25	313	313	NUM
economy-6779	466	26	std	std	NOUN
economy-6779	466	27	deviation	deviation	NOUN
economy-6779	466	28	5.23	5.23	NUM
economy-6779	466	29	57.60	57.60	NUM
economy-6779	466	30	535	535	NUM
economy-6779	466	31	2.26	2.26	NUM
economy-6779	466	32	258	258	NUM
economy-6779	466	33	skewness	skewness	NOUN
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economy-6779	466	35	0.001	0.001	NUM
economy-6779	466	36	0.61	0.61	NUM
economy-6779	466	37	0.02	0.02	NUM
economy-6779	466	38	0.15	0.15	NUM
economy-6779	466	39	kurtosis	kurtosis	NOUN
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economy-6779	466	41	2.09	2.09	NUM
economy-6779	466	42	2.72	2.72	NUM
economy-6779	466	43	1.70	1.70	NUM
economy-6779	466	44	1.44	1.44	NUM
economy-6779	466	45	jaque	jaque	NOUN
economy-6779	466	46	-	-	PUNCT
economy-6779	466	47	bera	bera	NOUN
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economy-6779	466	49	4.50	4.50	NUM
economy-6779	466	50	8.28	8.28	NUM
economy-6779	466	51	8.98	8.98	NUM
economy-6779	466	52	13.5	13.5	NUM
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economy-6779	466	54	0.00	0.00	NUM
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economy-6779	466	56	0.02	0.02	NUM
economy-6779	466	57	0.01	0.01	NUM
economy-6779	466	58	0.001	0.001	NUM
economy-6779	466	59	sum	sum	NOUN
economy-6779	466	60	199	199	NUM
economy-6779	466	61	123	123	NUM
economy-6779	466	62	1.02	1.02	NUM
economy-6779	466	63	203	203	NUM
economy-6779	466	64	455	455	NUM
economy-6779	466	65	sum	sum	NOUN
economy-6779	466	66	sq	sq	INTJ
economy-6779	466	67	develop	develop	VERB
economy-6779	466	68	350	350	NUM
economy-6779	466	69	421	421	NUM
economy-6779	466	70	3.63	3.63	NUM
economy-6779	466	71	130	130	NUM
economy-6779	466	72	8.43	8.43	NUM
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economy-6779	466	74	128	128	NUM
economy-6779	466	75	128	128	NUM
economy-6779	466	76	128	128	NUM
economy-6779	466	77	128	128	NUM
economy-6779	466	78	128	128	NUM
economy-6779	466	79	asian	asian	ADJ
economy-6779	466	80	online	online	ADJ
economy-6779	466	81	journal	journal	PROPN
economy-6779	466	82	publishing	publishing	NOUN
economy-6779	466	83	group	group	NOUN
economy-6779	466	84	is	be	AUX
economy-6779	466	85	not	not	PART
economy-6779	466	86	responsible	responsible	ADJ
economy-6779	466	87	or	or	CCONJ
economy-6779	466	88	answerable	answerable	ADJ
economy-6779	466	89	for	for	ADP
economy-6779	466	90	any	any	DET
economy-6779	466	91	loss	loss	NOUN
economy-6779	466	92	,	,	PUNCT
economy-6779	466	93	damage	damage	NOUN
economy-6779	466	94	or	or	CCONJ
economy-6779	466	95	liability	liability	NOUN
economy-6779	466	96	,	,	PUNCT
economy-6779	466	97	etc	etc	X
economy-6779	466	98	.	.	X
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economy-6779	466	100	in	in	ADP
economy-6779	466	101	relation	relation	NOUN
economy-6779	466	102	to	to	PART
economy-6779	466	103	/	/	PUNCT
economy-6779	466	104	arising	arise	VERB
economy-6779	466	105	out	out	ADP
economy-6779	466	106	of	of	ADP
economy-6779	466	107	the	the	DET
economy-6779	466	108	use	use	NOUN
economy-6779	466	109	of	of	ADP
economy-6779	466	110	the	the	DET
economy-6779	466	111	content	content	NOUN
economy-6779	466	112	.	.	PUNCT
economy-6779	467	1	any	any	DET
economy-6779	467	2	queries	query	NOUN
economy-6779	467	3	should	should	AUX
economy-6779	467	4	be	be	AUX
economy-6779	467	5	directed	direct	VERB
economy-6779	467	6	to	to	ADP
economy-6779	467	7	the	the	DET
economy-6779	467	8	corresponding	corresponding	ADJ
economy-6779	467	9	author	author	NOUN
economy-6779	467	10	of	of	ADP
economy-6779	467	11	the	the	DET
economy-6779	467	12	article	article	NOUN
economy-6779	467	13	.	.	PUNCT
economy-6779	468	1	https://doi.org/10.1016/j.jbankfin.2009.07.010	https://doi.org/10.1016/j.jbankfin.2009.07.010	PROPN
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economy-6779	468	3	https://doi.org/10.1080/09765239.2010.11884920	https://doi.org/10.1080/09765239.2010.11884920	NOUN
economy-6779	468	4	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on_stock_prices	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on_stock_price	NOUN
economy-6779	468	5	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on_stock_prices	https://www.researchgate.net/publication/272415321_the_asymmetric_effects_of_investor_sentiment_and_monetary_policy_on_stock_price	NOUN
economy-6779	468	6	https://doi.org/10.1002/fut.20503	https://doi.org/10.1002/fut.20503	PROPN
economy-6779	468	7	https://doi.org/10.1016/j.qref.2021.08.006	https://doi.org/10.1016/j.qref.2021.08.006	VERB
economy-6779	468	8	https://doi.org/10.1080/15339114.2014.985458	https://doi.org/10.1080/15339114.2014.985458	PROPN
economy-6779	468	9	https://doi.org/10.1016/s2212-5671(13)00213-x	https://doi.org/10.1016/s2212-5671(13)00213-x	NOUN