Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Eric Hughson

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© 2016 Yunyi Wang


This paper uses Federal Funds Futures and the industry returns to analyze the Federal Reserve Policy's influence on Wall Street firms. According to the results, Wall Street produces high returns in response to the monetary policy when compared to other industries. While this positive response is consistent to both interest hikes and cuts, there exists significant cross-firm and cross-period variation. Besides, the result is robust to the alternative measure of event days and employment release.

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