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|Título:||Macroeconomic effects of monetary policy in the Eurozone|
|Autor:||Varela, Matilde de Vasconcellos Morais|
|Data de Defesa:||Jan-2015|
|Resumo:||To study the macroeconomic effects of unconventional monetary policy across the different countries of the eurozone, I develop an identification scheme to disentangle conventional from non-conventional policy shocks, using futures contracts on overnight interest rates and the size of the European Central Bank balance sheet. Setting these shocks as endogenous variables in a structural vector autoregressive (SVAR) model, along with the CPI and the employment rate, estimated impulse response functions of policy to macroeconomic variables are studied. I find that unconventional policy shocks generated mixed effects in inflation but had a positive impact on employment, with the exception of Portugal, Spain, Greece and Italy where the employment response is close to zero or negative. The heterogeneity that characterizes the responses shows that the monetary policy measures taken in recent years were not sufficient to stabilize the economies of the eurozone countries under more severe economic conditions.|
|Designação:||A Work Project presented as part of the requirements for the Award of a Master Degree in Economics from the NOVA – School of Business and Economics|
|Aparece nas colecções:||NSBE: Nova SBE - MA Dissertations|
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