This 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.

本文研究了货币政策（MP）在金融市场投机活动中作为联系模式驱动因素的作用。通过考察包括黄金，股票，国债和原油在内的四个主要市场的投机措施，我们发现投机活动可以扩散到整个市场，而股市通常是投机冲击的主要传递者。虽然非常规的MP与金融市场中投机活动的更大关联性相关，但我们还发现非常规的（常规）MP驱动黄金（金融资产）充当向其他市场投机冲击的净传递者。研究结果建立了货币政策信号与金融市场交易行为之间的重要联系，对政策有重大影响。