Essays on Applied Macroeconomics : Monetary Policy Transmission in the Euro Area
Since its establishment in 1999, the Euro Area (EA) has experienced a series of economic shocks, including the global financial crisis in 2008, the sovereign debt crisis in 2012, the COVID-19 pandemic in 2020, and, most recently, the Russia-Ukraine war in 2022. In response, the ECB has expanded its policy toolkit beyond conventional policy rates by introducing forward guidance and asset purchase programs. The complexity of these policy measures has opened new avenues for empirical research, leading to a rapid expansion of the literature on unconventional policy effects, private-sector's expectations, and the development of shock identification techniques. At the same time, advances in computation methods, especially natural language processing, along with the availability of big dataset, have provided researchers with new powerful tools to analyse monetary policy transmission in a novel way. Against this background, this dissertation includes three self-contained but interrelated essays on the transmission of the ECB's monetary policy. Each chapter focuses on a different dimension and contributes to the literature by addressing gaps in both substantive topics and empirical approaches.
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