Demirer, RGabauer, DavidGupta, RJi, Q2025-02-252020-12-302021-042020-12-070275-5319RG2PN (isidoc)https://hdl.handle.net/10182/18146This 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.10 pagesen© 2020 Elsevier B.V. All rights reserved.C32E32F42Journal Article10.1016/j.ribaf.2020.1013731878-3384ANZSRC::350202 FinanceANZSRC::380105 Environment and resource economicsANZSRC::380107 Financial economicsANZSRC::3502 Banking, finance and investmentANZSRC::3801 Applied economics