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master's thesis
Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka
Zagreb: University of Zagreb, Faculty of Economics and Business, 2020. urn:nbn:hr:148:736503
Matić, Lea - Karla
University of Zagreb
Faculty of Economics and Business
Department of Macroeconomics and Economic Development

Institutional repository: REPEFZG

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Matić, L. K. (2020). Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka (Master's thesis). Zagreb: University of Zagreb, Faculty of Economics and Business. Retrieved from https://urn.nsk.hr/urn:nbn:hr:148:736503

Matić, Lea Karla. "Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2020. https://urn.nsk.hr/urn:nbn:hr:148:736503

Matić, Lea Karla. "Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2020. https://urn.nsk.hr/urn:nbn:hr:148:736503

Matić, L. K. (2020). 'Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka', Master's thesis, University of Zagreb, Faculty of Economics and Business, accessed 23 November 2024, https://urn.nsk.hr/urn:nbn:hr:148:736503

Matić LK. Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka [Master's thesis]. Zagreb: University of Zagreb, Faculty of Economics and Business; 2020 [cited 2024 November 23] Available at: https://urn.nsk.hr/urn:nbn:hr:148:736503

L. K. Matić, "Analiza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka", Master's thesis, University of Zagreb, Faculty of Economics and Business, Zagreb, 2020. Available at: https://urn.nsk.hr/urn:nbn:hr:148:736503

Metadata
TitleAnaliza učinaka nekonvencionalnih mjera monetarne politike ECB-a na nejednakost i raspodjelu dohotka
Title (english)Effects of ECB’s unconventional monetary policy measures on inequality and income distribution
AuthorLea - Karla Matić
MentorOzana Nadoveza (mentor)
Committee memberTomislav Globan (predsjednik povjerenstva)
Committee memberVladimir Arčabić (član povjerenstva)
GranterUniversity of Zagreb
Faculty of Economics and Business
(Department of Macroeconomics and Economic Development)
Zagreb
Defense date and country2020-09-22, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Macroeconomics
Abstract
Cilj diplomskog rada je analizirati učinke nekonvencionalnih mjera monetarne politike Europske centralne banke na nejednakost i (re)distribuciju dohotka, te ispitati heterogenost rezultata među pojedinačnim zemljama članicama eurozone. Pritom, naglasak nije na jednom od teorijski prepoznatih transmisijskih kanala monetarne politike, već se nastoji empirijski utvrditi učinak na odabrani skup makroekonomskih i financijskih indikatora za koje se smatra da imaju implikacije na (re)distribuciju dohotka i bogatstva, te Gini koeficijenta kao temeljnu mjeru ekonomske nejednakosti. Empirijska analiza provedena je u dvije razine. Na prvoj, agregatnoj razini identificira se šok monetarne politike Europske centralne banke primjenom strukturnog vektorskog autoregresijskog modela s restrikcijama predznaka (SVAR), koji se zatim na drugoj razini uvodi u VAR modele za pojedinačne zemlje članice eurozone. Na temelju provedene analize zaključuje se da nekonvencionalne mjere monetarne politike ECB-a rezultiraju jačim učinkom na porast cijena dionica u odnosu na rast plaća u realnom sektoru u svim odabranim zemljama, no da je pritom efekt na obije varijable veći u periferiji eurozone u odnosu na odabrane zemlje centra. Istodobno, pretpostavljeni učinak povećanja ekonomske nejednakosti mjerene Gini koeficijentom koji teorijski slijedi iz navedenih rezultata empirijski nije potvrđen u okviru ovog diplomskog rada.
Abstract (english)
The aim of this thesis is to analyze the effects of ECB's monetary policy measures on inequality and income (re)distribution, as well as to examine the heterogeneity of the effects among individual euro area member states. In doing so, the emphasis is not put on one of the theoretical transmission channels of monetary policy, but on the analysis of the effect on a selected set of macroeconomic and financial indicators that are considered to have implications on (re)distribution of income and wealth, as well as on the Gini coefficient as a fundamental measure of economic inequality. Empirical analysis is conducted in two levels. At the first, aggregate level, the monetary policy shock of ECB is identified through the structural vector autoregressive model with sign constraints (SVAR), which is then, on the second level introduced in a country specific VAR models. Based on the analysis, it is concluded that the unconventional monetary policy measures lead to a stronger increase of equity prices than wages in real sector in all member states, but that the effect on both variables is higher in euro area periphery in comparison with core countries. Meanwhile, the assumed effect on increasing economic inequality measured by Gini coefficient is not empirically confirmed in this thesis.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:148:736503
Study programmeTitle: Economics
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2020-09-22 23:05:27