Effects of quantitative easing on the USA economy: A test for policy effectiveness
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/15566 |
Resumo: | The catastrophic disruption in the USA financial system in the wake of the financial crisis prompted the Federal Reserve to launch a Quantitative Easing (QE) programme in late 2008. In line with Pesaran and Smith (2014), I use a policy effectiveness test to assess whether this massive asset purchase programme was effective in stimulating the economic activity in the USA. Specifically, I employ an Autoregressive Distributed Lag Model (ARDL), in order to obtain a counterfactual for the USA real GDP growth rate. Using data from 1983Q1 to 2009Q4, the results show that the beneficial effects of QE appear to be weak and rather short-lived. The null hypothesis of policy ineffectiveness is not rejected, which suggests that QE did not have a meaningful impact on output growth. |
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Effects of quantitative easing on the USA economy: A test for policy effectivenessCounterfactualPolicy effectivenessQuantitative easingZero lower boundDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe catastrophic disruption in the USA financial system in the wake of the financial crisis prompted the Federal Reserve to launch a Quantitative Easing (QE) programme in late 2008. In line with Pesaran and Smith (2014), I use a policy effectiveness test to assess whether this massive asset purchase programme was effective in stimulating the economic activity in the USA. Specifically, I employ an Autoregressive Distributed Lag Model (ARDL), in order to obtain a counterfactual for the USA real GDP growth rate. Using data from 1983Q1 to 2009Q4, the results show that the beneficial effects of QE appear to be weak and rather short-lived. The null hypothesis of policy ineffectiveness is not rejected, which suggests that QE did not have a meaningful impact on output growth.Nunes, Luís CatelaFreitas, Miguel Lebre deRUNSilva, Alexandre Marques Correia da2015-10-07T09:24:07Z2015-062015-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/15566TID:201473666enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:51:45Zoai:run.unl.pt:10362/15566Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:22:37.325699Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
title |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
spellingShingle |
Effects of quantitative easing on the USA economy: A test for policy effectiveness Silva, Alexandre Marques Correia da Counterfactual Policy effectiveness Quantitative easing Zero lower bound Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
title_full |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
title_fullStr |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
title_full_unstemmed |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
title_sort |
Effects of quantitative easing on the USA economy: A test for policy effectiveness |
author |
Silva, Alexandre Marques Correia da |
author_facet |
Silva, Alexandre Marques Correia da |
author_role |
author |
dc.contributor.none.fl_str_mv |
Nunes, Luís Catela Freitas, Miguel Lebre de RUN |
dc.contributor.author.fl_str_mv |
Silva, Alexandre Marques Correia da |
dc.subject.por.fl_str_mv |
Counterfactual Policy effectiveness Quantitative easing Zero lower bound Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Counterfactual Policy effectiveness Quantitative easing Zero lower bound Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The catastrophic disruption in the USA financial system in the wake of the financial crisis prompted the Federal Reserve to launch a Quantitative Easing (QE) programme in late 2008. In line with Pesaran and Smith (2014), I use a policy effectiveness test to assess whether this massive asset purchase programme was effective in stimulating the economic activity in the USA. Specifically, I employ an Autoregressive Distributed Lag Model (ARDL), in order to obtain a counterfactual for the USA real GDP growth rate. Using data from 1983Q1 to 2009Q4, the results show that the beneficial effects of QE appear to be weak and rather short-lived. The null hypothesis of policy ineffectiveness is not rejected, which suggests that QE did not have a meaningful impact on output growth. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-10-07T09:24:07Z 2015-06 2015-06-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/15566 TID:201473666 |
url |
http://hdl.handle.net/10362/15566 |
identifier_str_mv |
TID:201473666 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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