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Analyzing impulse response functions shows strong support for the notion that the US monetary base is associated with movements in the major equity markets. For instance, positive shocks to the monetary base in the US, are responsible for positive changes in the world equity markets that may last up to six months. Examining impulse responses of equity indices from a Markov Switching VAR, which takes regime changes into account, confirm these findings. Furthermore, we show that equity responses to the positive shocks to the monetary base may be much higher than those to negative shocks. We conclude the US monetary base, and quantitative easing may have contributed to a positive business and credit climate in advanced economies of the world."},{"label":"Volume","value":"6"},{"label":"Issue","value":"3"},{"label":"Publication Date","value":"D:00 M:00 Y:2016"},{"label":"Author Supplied Keywords","value":"Quantitative easing, Equity markets, Markov switching VAR, Granger causality"},{"label":"Publication Information","value":"Archived version is the final published version."}],"description":"The US Monetary Base and Major World Equity Markets: An Empirical Investigation","sequences":[{"@type":"sc:Sequence","canvases":[{"@id":"https://iiif.quartexcollections.com/portland/iiif/c1aabb78-c741-4f32-895d-2ded3de04378/canvas/_1","@type":"sc:Canvas","label":"The US Monetary Base and Major World Equity Markets- An 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