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The Effects of Quantitative Easing in the Euro Area

Student: Aleksei Knurov

Supervisor: Olga Kuznetsova

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

Since the beginning of the global financial crisis 2008, central banks around the world have stimulated the economy by aggressively lowering interest rates and applying measures of unconventional monetary policy, primarily quantitative easing programmes. The paper contains a detailed analysis of the large-scale asset purchase program in the Eurozone, including a quantitative analysis of the short-term effects of ECB announcements on financial markets using the event-study methodology. In general, the results of the analysis allow to state about the confirmation of theoretical assumptions concerning the effects of quantitative easing measures – the yield of Euro zone bonds as a whole decreased, the considered stock index had an upward trend, and the rate EUR/USD fell.

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