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FED's Unconventional Monetary Policy and Correlation Dynamics Among Conventional and Alternative Investments

This chapter investigates the correlations between conventional and alternative investments during the quantitative easing (QE) programs launched by the U.S. Federal Reserve. Authors focus on different asset classes to examine the dynamics on their correlations and to highlight alternative investment options for rational investors and policy makers. Their analysis covers the period from January 3, 2005 to March 16, 2018. Research has significant policy implications and the empirical findings indicate a ripple effect of QE across conventional and alternative investments and suggest that their correlations differ by QE periods. Researchers also confirm the effectiveness of the portfolio rebalance channel pictured on specific assets' correlation sign, as well as the existence of specific patterns. UMP programs create portfolio rebalance since investors followed the required path set by the Fed.