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  • EQUITY MARKETS PRICING AND CENTRAL BANK INTERVENTIONS: A PANEL DATA APPROACH
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News
September 11, 2026
How to Assess Students Knowledge in the Age of AI
A researcher at HSE University has proposed a flowchart to help lecturers decide how to assess students who use artificial intelligence. It shows where the use of AI should be restricted and where it can be incorporated into the learning process. The article has been published in IT Professional.
September 9, 2026
‘Balkan Hospitality Opens Doors: Studying Dialects on the Verge of Extinction
You cannot study spoken dialects from books. Instead, you need to go to a village, seek out its elders, and earn the trust of local residents before you can record hours of spontaneous stories. This is how Natalia Muravleva, Associate Professor at the Faculty of Humanities, conducts her research. Her internship in Serbia continued her long-standing study of dialects spoken by Macedonian settlers. In this interview, she discusses how diaspora cultural centres help researchers reach informants, why native speakers need to be interviewed only in their own language (otherwise, as she puts it, they may 'break'), and how a single field season helped her finalise her monograph. She also shares warm memories of autumn in Belgrade and of colleagues with whom grammar can be discussed in three languages at once.
September 9, 2026
Scientists Train Neural Network to Generate Process Plans from 3D Models
Researchers at the HSE FCS AI and Digital Science Institute have developed CAD2TechSpec, a framework that converts 3D models of mechanical parts into machining process plans—step-by-step instructions for machine tools. The solution aims to reduce the time required for the design and preparation of technical process documentation in mechanical engineering, aircraft manufacturing, and other high-tech industries. The study findings have been published in PeerJ Computer Science.

 

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?

EQUITY MARKETS PRICING AND CENTRAL BANK INTERVENTIONS: A PANEL DATA APPROACH

P. 99–99.
Rincon C. J.

This paper analyses the effects of central bank interventions on the pricing of stock market indices. The study confirms that the large-scale purchases of government debt securities in response to the Great Recession and Covid-19 crises by the Fed, influence the pricing of equity markets via its effect on the pricing of treasury bonds. The instrumental variables three-stage model approach is used to determine the impact of the Fed?s balance sheet size on the equity market indices as a measure of its price levels. Under this approach, this study examines the effects of changes in the size of the Fed?s balance sheet in three intervention scenarios: during the 2008-2013, the 2020-2021 periods, and throughout. Moreover, the study compares the results from two statistical strategies: time series and panel data. The results of this study lead to conclude that the 3SLS for time series is recommended over the panel data strategy when analyzing indices that share stocks in common. Use of the 3SLS panel data strategy is left for analyzing the effects of instruments on international indices that do not share stocks in common.

Language: English
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Keywords: instrumental variablesquantitative easingGreat RecessionCOVID-19TaperingFed’s Balance Sheet

In book

World Finance & Banking Symposium, 2022 E-Proceedings
Florida International University, 2022.
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