The study looked at how euro area monetary policy affects equity risk premia. Changes in stock prices under loose monetary policy were due to economic factors, not just risk. Equity risk premia haven't dropped much since unconventional monetary policy began and are higher than before the financial crisis. Monetary policy shocks didn't have a big impact on equity risk premia. If monetary policy is seen as bad news, it raises equity risk premia, but if it's seen as good news, it lowers them. Overall, these effects have mostly balanced out since unconventional monetary policy started.