EconPapers    
Economics at your fingertips  
 

Unconventional monetary policy effects on output and inflation: A meta-analysis

Stephanos Papadamou, Νikolaos A. Kyriazis and Panayiotis Tzeremes

International Review of Financial Analysis, 2019, vol. 61, issue C, 295-305

Abstract: The outburst of the Global Financial Crisis in 2008 has brought to the surface increasing interest for unconventional monetary policies at the Zero Lower Bound (ZLB). In this paper, we employ techniques of meta-analysis in order to capture the impacts of such policies on the main macroeconomic indicators. We collect sixteen published studies and examine how output and inflation are affected by expansionary non-conventional Quantitative Easing (QE) shocks and the proportion of heterogeneity that can be attributed to different moderators. We focus on empirical studies that employ Vector Autoregression (VAR) specifications. Results indicate that FAVAR specifications increase output response in all horizons, whereas prices only in the short-run. Furthermore, studies about European countries as well as sign restrictions in impulse responses lower output responses, whereas recursive identification decreases prices responses.

Keywords: Unconventional monetary policy; Quantitative easing; Meta-analysis; Output; Inflation (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1057521918301455
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:61:y:2019:i:c:p:295-305

Access Statistics for this article

International Review of Financial Analysis is currently edited by B.M. Lucey

More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2019-09-02
Handle: RePEc:eee:finana:v:61:y:2019:i:c:p:295-305