Resumo

ALEMAN HERNANDEZ, Jorge Eduardo  e  MULLER DURAN, Nancy Ivonne. Unconventional monetary policy of the ECB and unemployment. Contad. Adm [online]. 2022, vol.67, n.3, 00012.  Epub 06-Jun-2023. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2022.3324.

In this paper both the main characteristics of the European Central Bank's (ECB) unconventional monetary policy and its effectiveness on the labour market between 2008-2019 are dealt with. Our econometric analysis is based on a panel vector autoregression (PVAR) methodology; it is empirically shown that policy rate changes and policy innovations such as forward guidance strategies turn out to be effective over the first twelve months. However, the empirical evidence appears to suggest that the effectiveness of the ECB’s balance sheet policy with regards reducing the unemployment rate is not as strong. Our results reveal that unconventional monetary policies have contributed to a gradual, albeit slow, recovery of both economic activity and the labor force’s employment level.

Palavras-chave : unconventional monetary policy; ECB; unemployment; PVAR.