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Thesis Defence
The Influence of Networks on Perceived Career Outcomes

Lara Bertola, PhD candidate in the PhD programme ESCP

Salima Ouerk, PhD candidate in the Paris Doctoral programme, will publicly defend her thesis in Management Sciences.

14 October 2021 – 1:30 p.m. (CEST)
ESCP Business School, Amphi GUY

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Abstract

This thesis contributes to several debates on the capacity of central banks to respond to their main objectives in a context of zero lower bound, by providing new evidence within an empirical framework.

Firstly, this thesis proposes to assess the transmission mechanisms and the macroeconomic impact of unconventional monetary policy in the Euro Area. The analysis shows that ECB’s unconventional monetary policy measures have sustained the real economy even if the zero lower bound has decreased the efficiency of monetary policy and accentuated the heterogeneity of the Euro Area.

The second chapter studies the interaction between unconventional monetary policy and the behaviour of Euro Area banks by investigating the role of banks in transmission of unconventional monetary policy to emerging market economies. The results show that the ECB’s unconventional monetary policy influences the decisions made in the Euro Area banking system, which leads to an increase of banking outflows.

In turn, the rise of inflows into emerging market economies results in a significant response of financial variables, which proves that ECB’s unconventional monetary policy is a driver of the financial conditions of emerging market economies.

Moreover, the findings suggest that the monetary authorities of emerging market economies react to unconventional monetary policy independently from their exchange rate regime.

The final chapter of this thesis investigates the influence of ECB’s unconventional monetary policy on the credit distribution. Based on a French microeconomic credit dataset, the study highlights the fact that the credit is unequally distributed among households in France.

The analysis of the distribution of credit shows that the expansionary monetary policy increased the volume of mortgages at the bottom and the middle of the income distribution, but that was not enough to reduce the unequal distribution of credit.

Jury

Supervisor:

  • Ms Cécile Kharoubi,
    Professor, ESCP Business School
  • Ms Catherine Lubochinsky,
    Professor, Université Panthéon Assas

Referees:

  • Mr Christophe Boucher,
    Professor of Universities, University Paris Ouest Nanterre
  • Mr Adrian Pop,
    Professor, Maître de Conférence HDR, IAE de Nantes

Suffragants:

  • Mr Julien Fouquau,
    Professor, ESCP Business School

Location

Organiser: ESCP Business School

Paris - France

Map

Date

Start date: 14/10/2021

Start time: 1:30 PM

End time: 6:00 PM