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Monetary policy shocks from the European Central Bank and their impact on goods exports from the non-Eurozone member states

Douglass, Kaitlyn (2014) Monetary policy shocks from the European Central Bank and their impact on goods exports from the non-Eurozone member states. Undergraduate Thesis, University of Pittsburgh. (Unpublished)

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Abstract

This thesis analyzes the effect a change in the European Central Bank’s main refinancing rate has on the export sectors of four Central, Eastern, and Southeastern European member states within the European Union (CESEEU), but who have not yet adopted the euro as their currency. Specifically, the vector autoregression analysis (VAR) econometric technique is employed to elucidate the intensity and time it takes for such a monetary policy shock to be transmitted into these economies, and through which channel: financial or trading. The results, which are interpreted against the Mundell-Fleming framework, show that transmission in Bulgaria and Lithuania works through the finance channel, while the trade channel is responsible for transmission in Poland and the Czech Republic. Transmission speed is fastest in the trade-channel countries, but is most intense in the finance-channel countries. This paper attempts to fill the gap in research explaining how the real economies, specifically the export sectors, of the CESEEU member states are affected by exogenous monetary policy changes undertaken at the ECB level.


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Details

Item Type: University of Pittsburgh ETD
Status: Unpublished
Creators/Authors:
CreatorsEmailPitt UsernameORCID
Douglass, Kaitlynkmd104@pitt.eduKMD104
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Thesis AdvisorHusted, Stevehusted1@pitt.eduHUSTED1
Committee MemberCassing, Jamesjcassing@pitt.eduJCASSING
Committee MemberCassing, Shirleycassing@pitt.eduCASSING
Committee MemberPapageorgiou, Chriscpapageorgiou@imf.org
Date: 24 April 2014
Date Type: Publication
Defense Date: 14 April 2014
Approval Date: 24 April 2014
Submission Date: 17 April 2014
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 76
Institution: University of Pittsburgh
Schools and Programs: University Honors College
Dietrich School of Arts and Sciences > Economics
Degree: BPhil - Bachelor of Philosophy
Thesis Type: Undergraduate Thesis
Refereed: Yes
Uncontrolled Keywords: monetary policy shocks, European Union, Czech Republic, Poland, Lithuania, Bulgaria, transmission mechanism, international, economics, VAR, Mundell-Fleming
Date Deposited: 24 Apr 2014 19:50
Last Modified: 15 Nov 2016 14:19
URI: http://d-scholarship.pitt.edu/id/eprint/21291

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