On the Effectiveness of the Monetary Policy During the Financial Crisis of 2007
UNIVERSITY OF GHENT FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION Academic year 2010 – 2011 On the effectiveness of the monetary policy during the financial crisis of 2007 Federal Reserve vs. European Central Bank Master thesis presented to obtain the degree of Master in Applied Economics: Business Engineering Alexander Naessens & Sabien Windels under the leadership of Prof. dr. Gert Peersman Selien De Schryder UNIVERSITY OF GHENT FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION Academic year 2010 – 2011 On the effectiveness of the monetary policy during the financial crisis of 2007 Federal Reserve vs. European Central Bank Master thesis presented to obtain the degree of Master in Applied Economics: Business Engineering Alexander Naessens & Sabien Windels under the leadership of Prof. dr. Gert Peersman Selien De Schryder Ondergetekenden verklaren dat de inhoud van deze masterproef mag geraadpleegd en/of gereproduceerd worden, mits bronvermelding. We hereby declare that the content of this thesis may be consulted, and/or reproduced on condition that the source is quoted. Alexander Naessens Sabien Windels “As long as the music is playing, you’ve got to get up and dance. We’re still dancing” Charles Prince, former CEO of Citigroup Financial Times, July 2007 ACKNOWLEDGEMENTS First and foremost, we would like to thank our promoter, prof. dr. Gert Peersman and our co-promoter, Selien De Schryder for their guidance on this master thesis over these past two years. We are very grateful to Jef Boeckx, Economist at the National Bank of Belgium, Luc Aucremanne, Head of Monetary Policy Research Department at the National Bank of Belgium, Alfons Verplaetse, former Governor of the National Bank of Belgium and Burcu Duygan-Bump, Senior Financial Economist at the Federal reserve Bank of Boston for their time, advice and for sharing their knowledge in their domain of expertise.
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