Examining the Impact of the ECB's Unconventional Monetary Policy on Financial Markets in EU Member States During the COVID-19 Pandemic
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2023-02-02
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en
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This thesis investigates the effectiveness of the European Central Bank's Asset Purchase Program in stimulating the economy during the COVID-19 pandemic by analyzing changes in sovereign government yields. This study identifies the main transmission channels of unconventional monetary policy. To analyze the transmission of unconventional monetary policy on sovereign bond yields, this study employs event-study methodology to examine yield level changes following UMP announcements for individual EU member states, core countries, periphery countries, and the aggregate EMU. Our results reveal a significant yield increasing effect on sovereign bonds, contrary to our initial hypothesis, for the aggregate EMU sample and core countries.
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Faculteit der Managementwetenschappen