Paradigmatic change of central banking:measuring the announcement effect of ECB’s asset purchase programmes

Abstract. When the interest rates were approaching zero in the aftermath of the global financial crisis of 2008, the major central banks of the global economy adopted the use of so-called unconventional monetary policies. Of the unconventional monetary policy tools, the large-scale asset purchase programmes, also called balance sheet policies, are the most prominent one and their popularity has not declined, on the contrary. The monetary responses of the European Central Bank (ECB) and the Federal Reserve (Fed) to the latest global crisis, the Covid-19 pandemic, confirmed this as balance sheet policies were introduced once again. The global financial crisis is seen as the turning point for monetary policy for especially the major central banks such as the ECB and the Fed. For this reason, the causes behind the crisis and subsequent ramifications are discussed in this thesis. The transition from conventional monetary policies to unconventional policies is shown and the monetary transmission mechanism, through which the monetary decisions affect the economy and asset prices, is explained. Furthermore, this thesis measures the announcement effect of ECB’s asset purchase programmes on two major stock indices: STOXX Europe 600 and S&P 500. The announcement effect is tested with event study methodology. In order to silence the unwanted noise from other macroeconomic news that might compromise the results, a relatively short estimation period of 30 days is chosen for the event study and is placed right before the event window. Abnormal returns are then calculated over the three-day event window of [-1,1]. The results show that the announcement effect of ECB’s asset purchase programmes is significant and yields positive cumulative abnormal returns on both STOXX Europe 600 and S&P 500 indices over the three-day event window. Finally, through discussion, this thesis argues that we are witnessing a paradigmatic change in central banking as policies once classified as unconventional have been used over the conventional ones’ ever since the financial crisis. This is especially true with the ECB as it has kept the key interest rates of the euro area close to zero for years and no change is visible on the horizon

Naudan veriseerumin prolaktiinipitoisuuden määrittämisessä käytetyn radioimmunologisen menetelmän luotettavuus

vKirjasto Aj-kTiivistelm

Pikkuvasikoiden ruokintakoetuloksia Maatalouden tutkimuskeskuksessa v. 1973-89

vokKHO22Kirjasto Aj-k. Yksikön huom.: ER

Research reports of NKJ hormone symposium : Korpilampi, Finland 4-5 January 1979

vKirjasto Aj-

Säilörehun korjuuasteen vaikutus naudanlihantuotantoon

vokKirjasto Aj-

Effect of age on the interrelations between certain blood components and milk yield during early lactation period in Ayrshire cows injected with vitamin D3 prior to calving

Altogether 132 blood samples were drawn from V. jugularis of 38 apparently healthy lactating Ayrshire cows during the first 75 days following parturition. Each cow had been injected twice with 5 million I. U. of vitamin D3 shortly before calving. The cows were divided into two groups, I comprising 19 cows with 1 or 2 calvings and II 19 cows with more than 2 calvings. The blood hemoglobin (Hb), and hematocrit (Hc) values, and the amounts of calcium (Ca), inorganic phosphorus (P), and magnesium (Mg) in serum were determined and coefficients of correlation between the blood components and the level of the daily milk yield were calculated. The following significant partial correlations were obtained: in group I, for Hb with Mg (0.29*) and milk yield (—0.28*), and for Ca with milk yield (0.54***); in group II, for Hb with milk yield (—0.42***), and for Mg with P (0.25*); in groups I + II, for Hb with milk yield (—0.31***). The significance of the simple and corresponding partial correlations was very similar, and it did not make much difference whether the absolute instead of the relative daily milk yield was used as a variable in the calculations. The results are discussed in detail

On the thyroid morphology and the level of milk yield among the progeny of goitrous and apparently normal cows

The thyroid morphology and the level FCM yield were studied in 84 dam-daughter pairs discarded from the Ayrshire herd of the Viik Experimental Farm. Data was divided into three groups according to the thyroid weight of the dam: less than 30 g in group I, from 30 to 50 g in group II, and 50 g or over in group III. The following mean values were obtained for the dams and their daughters: thyroid weight in grams: I 24.17 and 21.07, II 38.13 and 24.51, III 61.22 and 31.58; thyroid weight in grams per 100 kg corrected body weight (BRT): I 4.55 and 4.18, II 7.42 and 4.92, III 11.46 and 6.29; absolute amount of epithelial tissue contained per thyroid in grams (Eg); I 4.81 and 4.13, II 5.37 and 4.81, III 6.96 and 5.61; corrected body weight in kg: I 497 and 474, II 507 and 462, III 517 and 489; age in months: I 85.6 and 61.8, II 107.7 and 59.8, III 119,2 and 64.0; mean FCM yield in kg during productional lifetime; I 14.64 and 15.06, II 13.93 and 13.78, III 13.48 and 13.94; FCM yield in kg per 500 kg corrected body weight: I 14.73 and 15.87, II 13.74 and 14.92, III 13.04 and 14.28. The lower thyroid weight in daughters was apparently due to their lower body weight and age as well as to the higher iodine content of the ration. The dam-daughter correlations in respect of the thyroid weight, the BRT, the Eg, the corrected body weight, age, and FCM-yield were: I 0.13, 0.07, 0.27, 0.22, 0.25, and 0.42**, II + III 0.40**, 0.41**, 0.24, 0.07, 0.15, and 0.22, I + II + III 0.47***, 0.49***, 0.30**, 0.13, 0.16, and 0.35***. The results of this study indicate a) that the incidence of goiter was higher in the progeny of goitrous than in that of normal dams, b) that the incidence of goiter in the daughters decreased if the goitrous dam received supplemental iodine during the gestation period from which the daughter was born, c) that a heavier thyroid weight resulted in a lower FCM yield

On the development of the thyroid weight in the dairy herd of the Viik experimental farm

The mean thyroid weight of the growing (under 60 months old) and full-grown (over 60 months old) cows slaughtered from the Ayrshire herd of the Viik Experimental Farm during the years 1958—59 (I), 1960—65 (II) and 1966—69 (III) was as follows: 24.46 and 43.10 g (I), 21.02 and 30.16 (II) and 18.16 and 27.01 g (III) respectively. Decrease in the thyroid weight from (I) to (III) was believed to be due to the adding of iodine as a component of a mineral salt mixture into the ration of the herd in 1959. The thyroid weights of young cattle and bulls showed trends similar to those observed in cows

Sources of variation in the birth weight of Ayrshire calves

Sources of variation in the birth weights of 225 single Ayrshire calves, born to regular cows (calving interval less than 15 months) in the dairy herd of the Viik Experimental Farm, were studied. The mean birth weight (35.2 kg) of 111 male calves was significantly (