Denna uppsats syftar till att undersöka hur Riksbankens stora köp av stats- och företagsobligationer hjälpte till att återhämta den svenska ekonomin efter den ekonomiska nedgången år 2020. För att genomföra denna analys nyttjar jag en strukturell vektor autoregressions-modell, samt ett flertal variabler som är väsentliga inom den svenska ekonomin. Den data som används sträcker sig mellan januari 2011 och december 2020. Resultaten visar att Riksbankens obligationsköp först minskade industriproduktionen som sedan återgick till sin normala nivå. Både den långa och den korta räntan påverkades i mycket liten utsträckning. Riksbankens obligationsköp ledde till en uppgång på börsen och en depreciering av den svenska kronan. Slutsatsen utifrån detta är att Riksbankens köp av obligationer bidrog till att stimulera den svenska ekonomin i begränsad utsträckning.

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.

Quantitative Easing is an unconventional instrument when conducting monetary policy with the aim of stimulating the economy. The instrument is a complementary tool when changing the nominal interest rate is no longer effective. In the United States this unconventional instrument has been used through three different waves between December 2008 to October 2014. This research paper investigates two different regressions, one for the dependent variable consumption and one for the dependent variable investments to capture the effects on households and firms respectively. The results are used to study whether the unconventional monetary policy has had any effects on these variables and if the dependent variables are affected to different degrees. Data for this paper is collected between the first quarter of 2005 until the fourth quarter of 2019. The modelling used is the Auto Regressive Distributed Lag Model (ARDL) for the two different regressions. All variables in the regressions are critically tested for unit roots, autocorrelation, heteroscedasticity and misspecification to validate the analysis. The findings of our ARDL models indicate that investments are affected by quantitative easing to a larger degree than consumption by 3.8 times the change of the coefficients at its optimal lags.

Inflation target was introduced in 2013 in Japan. The goal was to maintain price stability and sustainable inflation rate that is conducive to optimal consumption and investment decisions. However, Japanese inflation rate has been consistently below the target rate. We want to examine why the failure happens in such a big economy. This thesis focuses on inflation expectation as the main factor that leads to unanchored inflation. Inflation expectation can be distinguished into adaptive and rational expectation. To analyse inflation expectation, we regress inflation on four relevant variables: forecasted inflation, lagged inflation, economic slack and import inflation. Our goal is to identify the significance of forecasted inflation and lagged inflation, which are the main variables, to determine the characteristics of the two types of inflation expectation. This time-series analysis is on a monthly basis covering the period between 2013 and 2018. The results show that agents are near-rational rather than rational, meaning that they tend to overweigh the costs of inflation. Also, it is shown that they have minor but significant backward-looking tendency and believe that past inflation determines the current inflation. Hence, inflation expectation could give some useful insights into unanchored inflation.