Akademik Veri Yönetim Sistemi
Social Sciences Research Journal (SSJR), cilt.9, sa.1, ss.209-229, 2020 (Hakemli Dergi)
During the 2008 Global Economic Crisis Central Banks could not be able to abate the financial tensions and
expand the real economy with conventional monetary policy- interest rate. Thus, central banks had to implement
new monetary policy measures: liquidity injections, asset purchases and forward guidance which are called
unconventional monetary policies. Major central banks pursued unconventional monetary policy measures and
expanded their balance sheets’ accordingly. ECB – like its counterparts- also used these policies in order to calm
financial markets and stimulate aggregate demand. In this study, we are aiming to analyze the effectiveness of
these unconventional monetary policy measures. We built our analysis on Structural VAR methodology and use
the size of the balance sheet of the ECB as an indicator of unconventional monetary policy. Our results suggest
that, ECB’s unconventional monetary policy is effective on reviving the real economy but not on relieving the
financial market stress.