Unconventional Monetary Policy Spillovers

This dissertation assesses the effects of Quantitative Easing (QE) in 9 neighboring countries of the Eurozone, throughout the impact of the Asset Purchase Program (APP) in these countries 5 macroeconomic and financial variables. We ran a Pooled Ordinary Least Squares (OLS) model to analyze the response of all countries together, and second, by studying each country's response individually, to understand if there were any kind of spillovers. Our results suggest that the European QE did affect its neighboring countries, although each country’s monetary policy was able to smooth its effect, which means that it is important for future research it is important to consider the monetary policy applied by the other central banks.