La política monetaria durante la gran recesión

Abstract

This thesis studies the effectiveness of monetary policy during the financial and economic crisis. In the first part of the thesis the measures taken by the most important central banks in advanced economies are analysed and the conclusions of the main works on its effects are drawn. The majority of the studies claimed that the measures affected several financial variables. In the second part, we study the evolution of the transmission channels of monetary policy and its effectiveness before the crisis and once the latter started, concluding that the transmission channels in the United States kept its relative importance whereas in the Eurozone the credit channel lost its effectiveness. Finally, the measures of the European Central Bank that may have influenced the risk premia during the sovereign debt crisis are studied, concluding that the Outright Monetary Transactions was the measure that put the crisis to an end.