Browsing by Subject "Unconventional Monetary Policy"

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    An analytical assessment about post-great moderation central banking policies
    (2012) Kızıltan, Rabia Zeynep
    In this thesis, by focusing on the unconventional monetary policy measures, I have analytically assessed post-great moderation central banking policies and documented the heterogeneity in calibration and design of these policies by exposing the experiences of Japan, United States, United Kingdom and Brazil. Moreover, by estimating a structural vector autoregressive (SVAR) model, I have empirically investigated the macroeconomic effects of unconventional monetary policies. Empirical findings of this study suggest that, unconventional monetary policies have lead a temporary increase in GDP and CPI for United States and United Kingdom while its effects are slightly significant for Japan and diametrically insignificant for Brazil.
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    Effectiveness of unconventional monetary policy at the zero lower bound: evidence from Japan
    (2018-06) Benli, Arda
    In this thesis I provide new evidence on unconventional monetary policy at the zero lower bound using Japanese data. After the recent financial crisis, undesirably low levels of inflation and policy rates being stuck at zero in the U.S. and the EU, unconventional monetary policy became a hot topic. Japan has near zero short term interest rates for over twenty years, which makes it a perfect laboratory for the topic. I show that even though interest rates are stuck at zero in Japan, monetary policy can affect asset prices through central bank communication. This combines earlier studies done for the U.S. and the EU.