spb/phd_thesis Public

1\begin{landscape}2\begin{table}[htbp]3\centering4\small5\caption{Price IRF: Policy Stance on Cumulative Return}6\label{ch3:tab:irf_stance_ret_h}7\begin{threeparttable}8\begin{tabular}{lccccc}9\toprule10 & $h = 5$ min & $h = 15$ min & $h = 30$ min & $h = 60$ min & $h = 120$ min \\11\midrule12E-mini S\&P 500 & 0.23 & 1.98 & 3.76 & 6.82 & 11.98 \\13 & (0.92) & (2.11) & (2.76) & (3.31) & (6.76) \\14VIX Futures & -14.74 & -19.11 & -22.03 & -17.73 & -14.27 \\15 & (6.26) & (8.33) & (9.47) & (14.62) & (31.57) \\1610Y T-Note & -0.61 & -1.14 & -0.90 & -1.47 & -3.88 \\17 & (0.43) & (0.85) & (0.93) & (0.92) & (2.20) \\185Y T-Note & 0.89 & 0.63 & 0.90 & 0.79 & -0.71 \\19 & (0.34) & (0.35) & (0.55) & (0.51) & (1.34) \\20Dollar Index & 1.01 & 1.43 & 1.05 & -0.45 & -4.01 \\21 & (0.43) & (0.61) & (0.45) & (0.89) & (2.14) \\22Crude Oil WTI & -2.10 & -0.81 & 4.75 & 3.06 & 9.32 \\23 & (4.28) & (6.28) & (8.46) & (10.23) & (9.69) \\24Gold & -1.47 & -3.08 & 0.51 & 0.62 & 1.31 \\25 & (1.30) & (1.42) & (2.04) & (2.46) & (3.96) \\26\midrule27$N$ & 148 & 148 & 148 & 148 & 148 \\28\bottomrule29\end{tabular}30\begin{tablenotes}[flushleft]31\small32\item \textit{Notes:} Jord\`a (2005) local projection: $\text{CumRet}_i(0 \to h) = \alpha + \beta_1 \text{Stance} + \beta_2 \text{Novelty} + \beta_3 \text{Stance} \times \text{Novelty} + \varepsilon$. Coefficient on Policy Stance reported in basis points ($\times 10^4$). All regressors z-scored. Newey--West HAC standard errors in parentheses. Pre-announcement placebo test passed: no significant pre-event coefficients.33\item $^{***}p<0.01$, $^{**}p<0.05$, $^{*}p<0.10$ (Benjamini--Hochberg adjusted within each (DV, model) family).34\end{tablenotes}35\end{threeparttable}36\end{table}37\end{landscape}38