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| Huimin Li, Dazhi Zheng and Xiaowei Zhu |
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| ''Impact of supply chain pressure on macroeconomy and stock returns – Evidence from US aggregate and sectoral markets'' |
| ( 2025, Vol. 45 No.1 ) |
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| This study examines the impact of supply chain pressure on macroeconomic variables and stock returns in the U.S. from January 1998 to February 2022, after controlling for monetary policy uncertainty and oil price shock. It is found that change in supply chain pressure has a positive impact on inflation and aggregate stock return and a negative impact on change in industrial output. With respect to the sectoral returns, evidence shows that change in supply chain pressure usually has a positive impact on Basic materials, Consumer staples, Industrials, and Real estate returns. However, during the Covid-19 pandemic, change in supply chain pressure has a significant and negative impact on industrial output and stock return. |
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| Keywords: Supply chain pressure; sectoral stock returns; monetary policy uncertainty; oil price shock |
JEL: G1 - General Financial Markets
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
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| Manuscript Received : Jan 05 2024 | | Manuscript Accepted : Mar 30 2025 |
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