Demirer, RizaGabauer, DavidGupta, RanganJi, Qiang2022-01-182022-01-182021-04Demirer, R., Gabauer, D., Gupta, R. et al. 2021, 'Monetary policy and speculative spillovers in financial markets', Research in International Business and Finance, vol. 56, art. 101373, pp. 1-10.0275-5319http://hdl.handle.net/2263/83373This paper examines the role of monetary policy (MP) as a driver of connectedness patterns in speculative activities in financial markets. Examining measures of speculation in four major markets including gold, equities, Treasury bonds and crude oil, we show that speculative activities can spill over across markets with the stock market generally serving as the main transmitter of speculative shocks. While unconventional MP is associated with greater connectedness of speculative activities in financial markets, we also find that unconventional (conventional) MP drives gold (financial assets) to serve as a net transmitter of speculative shocks to the other markets. The findings establish an important link between the monetary policy signals and trading behavior in financial markets with significant policy implications.en© 2021 Elsevier B.V. All rights reserved. Notice : this is the author’s version of a work that was accepted for publication in Research in International Business and Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. A definitive version was subsequently published in Research in International Business and Finance, vol. , pp. , 2021. doi : .Monetary policySpeculationTVP-VARDynamic connectednessQuantilesPreprint Article