Dottorato in ECONOMIA POLITICA

Titolo della tesi: Monetary policy after the Global Financial Crisis. An empirical essay on the transmission mechanisms of monetary policy

This thesis is a product of research work and internship experiences I undertook at my university and central banks, aiming to offer fresh insights into the analysis of monetary policy transmission mechanisms. The first two chapters focus on the United States, exploring the interaction between monetary policy and financial markets. These chapters consider financial stability (Chapter 1) and the risk-taking channel of non-bank financial intermediaries (Chapter 2). The third chapter shifts focus to the Euro Area, examining how banks’ confidence can alter the transmission of monetary policy. In all three instances, the analysis is empirical to better understand the dynamics of monetary policy pass-through. However, while the first work employs a VAR identified through mixed zero-sign restrictions as the applied empirical methodology, the second and last chapters present panel Local Projections in both linear and non-linear specifications.