Abstract:
The aim of this thesis is to investigate on the effects of the unconventional monetary policies proposed by the European Central Bank on the Euro Area, with a specific regard to France, Germany, Greece, Italy, Portugal and Spain. In order to assess these measures, it is used a Panel-Var model containing the main important macroeconomic indicators, and the Shadow Interest Rate, representing the unconventional monetary policies of the ECB. For a deep understanding of the results obtained from the Panel Var Model, impulse-response functions caused by the shocks of the Shadow Interest Rate and the Forecast Error Variance Decomposition have been calculated.
