Eleni Kalamara

Thesis title:

Measuring the aggregate effects of Unconventional Monetary Policies


In the summer of 2007, the US economy experienced a financial meltdown in which the burst of real estate bubble in conjunction with vast and growing imbalances played a significant role. At this point, the long-lasting beliefs about the role of Central Banks and existing policy instruments were challenged. Despite the attempts of the Central Banks to mitigate recession by manipulating interest rates, it soon became evident that the conventional monetary policy toolkit was not influential enough to restore the economic welfare.Eleni’s aim is to evaluate the non-standard policy tools that the Central Banks [the European Central Bank (ECB), Federal Reserve (Fed) and Bank of England ( BOE)] executed in order to boost economic activity from the onset of the financial crisis. In particular, for each currency union, she will assess the measures undertaken and their joint impact on key macroeconomic variables. Furthermore, Eleni will give critical focus on how the transmission channels of those actions performed in the restoration process of the impaired banks.

First supervisor:

Martin Weale


4 – Economics, Finance & the World Economy