As a consequence of asset purchases by the European Central Bank (ECB), longer-term yields in the euro area decline, and spreads between euro area long-term yields narrow. To assess spillovers of these recent financial developments, we use a Bayesian variant of the global vector autoregressive (BGVAR) model with stochastic volatility and propose a novel mixture of zero impact and sign restrictions that we impose on the cross-section of the data. Both shocks generate positive and significant spillovers to industrial production in Central, Eastern and Southeastern Europe (CESEE) and other non-euro area EU member states. These effects are transmitted via the financial channel (mainly through interest rates and equity prices) and outweigh costs of appreciation pressure on local currencies vis-á-vis the euro (trade channel). While these results represent general trends, we also find evidence for both cross-country heterogeneity of effects within the euro area and region-specific spillovers thereof. / Series: Department of Economics Working Paper Series

Magister Economicae - MEcon / A possible effect of quantitative easing (QE) undertaken by the United States of America (USA) Federal Reserve Bank (Fed) may have been an increase in capital flowing into emerging market economies (EMEs). The 2008 global financial crisis created an environment in which traditional monetary policies – cutting policy rates – became ineffective in stimulating growth. Faced with this policy environment, several high-income countries including the USA resorted to unconventional monetary policies notably QE, to grow their economies. While QE was effective in lowering interest rates in high-income countries, some argued that investors switched to higher yielding assets, mostly EME assets. Therefore, QE is perceived to have increased capital flows into EMEs. Using a dynamic panel data model with fixed effects this mini-thesis investigates empirically whether QE worked through unobservable channels to increase gross private capital inflows to Brazil, Russia, India, China and South Africa (BRICS) in the period 2000-2015. The study finds evidence in support of the view that QE increased capital inflows to EMEs. The results reveal that gross private capital inflows to the BRICS increased during the QE intervention period and that the increase was higher in the first period of QE than in subsequent QE periods. The empirical results also reveal differences in the way types of capital flows responded to QE; portfolio flows, and in particular equity flows were the most responsive to QE. / 2018-12-14

abstract: This dissertation contains a portfolio of papers in economics. The first paper, ``Vehicle Emissions Inspection Programs: Equality and Impact," presents the results of a study of the Arizona Vehicle Emissions Inspection Program. Using a unique data set, I find that the Arizona Vehicle Emissions Inspection Program is regressive in that it constrains the vehicle repair decisions of people on the low end of the income distribution more than those on the high end. I also find that the social cost of the program in Arizona is more than twice the social benefit, assuming a \$7 million value of statistical life. The second paper is ``Fiat Value in the Theory of Value." Because of advances in information processing technology, it is now technically feasible to have a currency-less monetary system. This paper explores one such system. In the model, prices are in units currency-less fiat money called fiat value, fiat value is a form of government debt, and the services of the stock of fiat value are a factor of production. In this system, the National accounts must be revised to account for money as a production factor, Friedman satiation is possible even with positive inflation, and various monetary policy regimes are explored. The third paper, ``Unconventional Monetary Policy in a Modern Paradigm of Money," uses the model developed in ``Fiat Value in the Theory of Value" to evaluate quantitative easing and interest on reserves policies as a response to liquidity shocks. I find that quantitative easing is an effective response to liquidity crises because it drives the marginal product of money to zero. When the marginal product of money is zero, the business sector does not have to pay to rent the services of money, a production factor that is free to create. I also show that a positive interest on reserve policy hampers the effectiveness of quantitative easing, and that quantitative easing does not cause a high inflation rate. / Dissertation/Thesis / Doctoral Dissertation Economics 2017

Submitted by Morgana Silva (morgana_linhares@yahoo.com.br) on 2016-06-16T12:48:09Z No. of bitstreams: 1 arquivototal.pdf: 861581 bytes, checksum: 384d214855a71efc900f1c77384ca3ee (MD5) / Made available in DSpace on 2016-06-16T12:48:09Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 861581 bytes, checksum: 384d214855a71efc900f1c77384ca3ee (MD5) Previous issue date: 2016-03-31 / The study aims to examine the relationship between the reduction of the working day and promoting employability, from a discussion of the necessary limitation of the flexibility of working hours. Although the working hours issue is recurrent in labor harvest, concern about it has been changing with the passage of time. In the late twentieth century, when the main problem in developed economies becomes unemployment, the discussion on the reduction of the working day takes on new meaning. The reduction of working hours around the center of the debate as a means of generating new jobs. In an attempt to address the structural and cyclical causes of unemployment, neoliberal ideology presents the flexibility of labor standards as a solution, by setting up a so-called single thought of hegemony of this model. To address the problem raised by this research: the reduction of working hours would be a mechanism capable of generating new jobs, the hypothesis presented goes against the neoliberal ideology attributed to flexibility, in that it believes that the reduction of journey work can influence the creation of new jobs, since the flexibility of working hours to be limited and not encouraged. Such limitations must be embodied in two mechanisms: limiting the use of overtime, with a consequent increase in the additional overtime and end of the hour bank of the institute. The research aims to demonstrate the arguments that justify the need to adopt such measures in case of reduction of working hours in Brazil through the deductive method of approach, the hermeneutic procedures, comparative and historical and bibliographical research technique. / O trabalho propõe-se a analisar a relação entre a redução da jornada de trabalho e o fomento à empregabilidade, a partir de uma discussão sobre a necessária limitação da flexibilização da jornada de trabalho. Embora o tema duração do trabalho seja recorrente na seara trabalhista, a preocupação com o mesmo foi mudando com o decorrer do tempo. No final do século XX, quando o principal problema encontrado nas economias desenvolvidas passa a ser o desemprego, a discussão em torno da redução da jornada de trabalho adquire novo significado. A redução da jornada de trabalho volta ao centro do debate como instrumento de geração de novos postos de trabalho. Na tentativa de combater as causas estruturais e conjunturais do desemprego, a ideologia neoliberal apresenta a flexibilização das normas trabalhistas como solução, através da montagem de um suposto pensamento único de hegemonia deste modelo. Para responder ao problema levantado por essa pesquisa: se a redução da jornada de trabalho seria um mecanismo capaz de gerar novos postos de trabalho, a hipótese apresentada vai de encontro à ideologia neoliberal atribuída à flexibilização, na medida em que acredita que a redução da jornada de trabalho pode influenciar na criação de novos postos de trabalho, desde que a flexibilização da jornada de trabalho seja limitada e não estimulada. Tal limitação deve estar consubstanciada em dois mecanismos: na limitação da utilização das horas extraordinárias, com o consequente aumento do adicional de horas extras e no fim do instituto do banco de horas. A pesquisa pretende demonstrar, para ao final propor, os argumentos que fundamentam a necessidade de adoção dessas medidas, em caso de redução da duração do trabalho no Brasil através do método de abordagem dedutivo, dos procedimentos hermenêutico, comparativo e histórico e da técnica de pesquisa bibliográfica.

Submitted by João Valente (joaopaulovalente@hotmail.com) on 2013-09-21T14:35:40Z No. of bitstreams: 1 Tese_FINAL.pdf: 645576 bytes, checksum: 5dcd3933e691c9eb4d85777d7f20904f (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2013-09-27T13:44:20Z (GMT) No. of bitstreams: 1 Tese_FINAL.pdf: 645576 bytes, checksum: 5dcd3933e691c9eb4d85777d7f20904f (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-09-30T12:35:01Z (GMT) No. of bitstreams: 1 Tese_FINAL.pdf: 645576 bytes, checksum: 5dcd3933e691c9eb4d85777d7f20904f (MD5) / Made available in DSpace on 2013-09-30T12:35:14Z (GMT). No. of bitstreams: 1 Tese_FINAL.pdf: 645576 bytes, checksum: 5dcd3933e691c9eb4d85777d7f20904f (MD5) Previous issue date: 2013-06-19 / Neste trabalho, propusemos um modelo DSGE que busca responder algumas questões sobre políticas de afrouxamento monetário (Quantitative Easing - QE) recentemente implementadas em resposta à crise de 2008. Desenvolvemos um modelo DSGE com agentes heterogêneos e preferred-habitat nas compras de títulos do governo. Nosso modelo permite o estudo da otimalidade da compra de portfolio (em termos de duration dos títulos) para os bancos centrais quando estão implementando a política. Além disso, a estrutura heterogênea nos permite olhar para distribuição de renda provocada pelas compras de títulos. Nossos resultados preliminares evidenciam o efeito distributivo do QE. No entanto, nosso modelo expandido apresentou alguns problemas de estabilidade. / In this paper, we proposed a DSGE model that seeks to answer some questions about the recent implemented Quantitative Easing (QE) programs. Our framework is a DSGE model with heterogeneous agents and preferred-habitat in purchases of government bonds. It allows the study of optimality purchasing portfolio (in terms of duration of the bonds) for central banks when they are implementing the policy. Furthermore, the heterogeneous structure allows us to look at income distribution caused by purchases of these securities. Our preliminary results show some distributive effect of QE. However, our expanded model showed some stability problems.

In this paper, I examine the effects of unconventional monetary policies and quantitative easing programs in the U.S and UK on their respective commercial real estate markets. I study two sample periods (2007-2017 and 2009-2017) and find that between 2007 and 2017, quantitative easing and the expansion of the U.S monetary base significantly drives the returns of the U.S commercial indices as well as the returns of the UK commercial index. Between 2009 and 2017, I find the expansion of the U.S monetary base only drives the UK commercial index. The difference in the results between these two sample periods may be a function of the magnitude of assets being purchased by the Fed prior to 2009 as well as the volatility and uncertainty that gripped the markets between October and December of 2008. I find that the UK index drives the expansion of the UK monetary base in both 2007-2017 and 2009-2017. This is likely the result of global uncertainty and volatility surrounding 2008 as well as the risk of financial market collapse inspiring monetary policy action. I also find the indices show a predominantly negative reaction to U.S and UK monetary policy events; suggesting the indices react negatively to the events that preceded the monetary policy announcements as well as the announcements themselves.

This thesis deals with the impact of quantitative easing on public sector bond yields of selected countries in the world. It mentions channels of standard monetary policy tools and channels of quantitative easing, which can be included among unconventional monetary policy tools. This thesis analyses the impacts of quantitative easing, which was done by the Federal Reserve System, the Bank of England and the European Central Bank. Firstly, all these institutions fought against the financial crisis with standard monetary policy tools. However, those tools were not very effective, therefore the institutions moved to non-standard tools. After the analysis based on event-study method was carried out, it was found out that mainly the first announcements about the policy of quantitative easing were always the most effective in decreasing government bond yield. The subsequent expansion of the policy of quantitative easing did not have such impact. The main benefit of this thesis is in the examination of the impact of later statements regarding quantitative easing on government bond yield, which were not effective in decreasing government bond yield.

The objective of this master thesis is to appraise quantitative easing on markets in the USA, Eurozone and Japan. The emphasis in the analysis is on evaluation of monetary policy, appraisal of measures taken and their impact on the main macroeconomic indicators. Quantitative easing belongs to the unconventional tools of central banks. Bank of Japan was the first bank which used QE, than Bank of England and the Fed. ECB set the final round of quantitative easing in March 2015 and it is still a highly debated monetary policy instrument.

The diploma thesis focuses on quantitative easing in Japanese economy. In the first part the problematic is set into a theoretical frame and then is connected with the development of the modern Japanese economy. The thesis describes the progress of the both waves of quantitative easing which have been implemented so far as well as the circumstances of their start and their so far known impacts. The application part presents an evaluation of the impacts of the current wave of quantitative easing. The evaluation is based on the impulse-response analysis.

This thesis deals with quantitative easing as an unconventional tool of monetary policy that is used after economic crisis 2008 by some central banks including Fed, Bank of Japan, Bank of England, European Central Bank and Czech National Bank. The general purpose of this thesis is to define the concept of quantitative easing, to explain the reasons for its use, to evaluate its impact to macroeconomic aggregates in selected countries and put it into context with consumerism and government debt. The main goal is to evaluate the impact of quantitative easing in Czech Republic and valorize it as a tool for solving government debt problem.