Evaluating the Effectiveness of Unconventional Monetary Policy Measures in the Global Financial Crisis and COVID- 19 Periods

dc.contributor.advisorStancu, Andrei
dc.contributor.authorAl jarah, Khaled
dc.date.accessioned2024-07-15T13:13:42Z
dc.date.available2024-07-15T13:13:42Z
dc.date.issued2024-06-18
dc.description.abstractThis study examines unconventional monetary policy's (UMP) efficacy on the U.S. economy during the Great Financial Crisis and the COVID-19 pandemic. Given the popularity of these policies during the recent COVID-19 pandemic, it is essential to examine how they support economic recovery. Utilising both ordinary least squares (OLS) and VAR models, the present study examined if the announcement of unconventional monetary policies helped to forestall the deterioration of the U.S. economy following the respective crisis. The study found the following using data spanning 2005 and 2023 and covering two of the most devastating crises in recent history (GFC and COVID-19). First, the announcement of UMPs during the GFC and COVID-19 pandemic did not significantly impact several macroeconomic variables in a cross-sectional context. Second, the results from the VAR model, which traces the spillover effect following the announcement, indicate that it only negatively affected industrial output, not GDP, CPI, and S&P 500 index. By evaluating research hypotheses and UMP measures' effectiveness, the study adds to the body of literature. In conclusion, our study sheds light on the complex dynamics of UMP in traversing financial crises, offering useful insights for academics, businesses, and regulators.
dc.format.extent36
dc.identifier.urihttps://hdl.handle.net/20.500.14154/72598
dc.language.isoen
dc.publisherNewcastle Unversity
dc.subjectCentral banks
dc.subjectCOVID-19
dc.subjectfinancial crisis
dc.subjectGDP growth
dc.subjectglobal economy
dc.subjectglobal financial markets
dc.subjectindustrial production
dc.subjectinflation rate
dc.subjectinterest rates
dc.subjectnegative interest rates
dc.titleEvaluating the Effectiveness of Unconventional Monetary Policy Measures in the Global Financial Crisis and COVID- 19 Periods
dc.typeThesis
sdl.degree.departmentBusiness
sdl.degree.disciplineQuantitative Finance and Risk Management
sdl.degree.grantorNewcastle Unversity
sdl.degree.nameMaster of Science

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