The Macroeconomic Effects of ECB's Unconventional Monetary Policies

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.