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The impact of the ECB´s unconventional monetary policy during the Covid crisis
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Orientador(es)
Resumo(s)
This paper explores the economic impact of the ECB’s unconventional monetary
policies during the COVID-19 crisis: Quantitative Easing (QE), Forward Guidance
(FG), and Negative Interest Rate Policy (NIRP). Using a DSGE model, I analyse
their effectiveness in stabilizing the Eurozone’s economy under extreme conditions.
Without these policies, GDP would have contracted by 13.3%, compared to 9.0%
with their implementation, mitigating a 4.3 percentage point decline. QE was the
most effective, reducing long-term yields and boosting liquidity. FG anchored ex pectations and reduced inflation volatility by 15%, while NIRP had marginal effects
due to banking constraints. These results highlight the indispensable role of uncon ventional monetary policies in mitigating economic shocks and ensuring resilience
during crises of unprecedented magnitude.
Descrição
Palavras-chave
European Central Bank Covid-19 crisis Unconventional nonetary policy Quantitative Easing (QE) Negative Interest Rate Policy (NIRP) Forward Guidance (FG) Eurozone economy Economic impact Financial stability Macroeconomic analysis