Leão, PedroOsmanovic, Merisa2025-02-262025-02-262024-10Osmanovic, Outros nomes (2021). “Título”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestãohttp://hdl.handle.net/10400.5/98809Master Monetary and Financial EconomicsThis paper presents a comprehensive analysis of the impact of quantitative easing (QE) programs in the United States and the euro area during the QE1-QE3 period 2008- 2013. The study's main objective is to critically examine both policies' positive and negative effects and assess their effectiveness. The paper analyzes whether QE 's goals of stabilizing financial markets, stimulating economic growth, and controlling inflation have been achieved and investigates which transmission channels proved the most effective. The paper also examines alternative explanations for the economic outcomes observed during the implementation of QE programs. Particular attention is paid to the effects of QE on consumption, investment, unemployment, and house prices, as well as to a critical analysis of the theoretical underpinnings and real-world consequences of increasing the monetary base in a modern economy. The study results show that QE has limited effectiveness in stimulating investment and consumption and, thus, has limited impact on the real economy; and the moreover risk involves of increasing social inequality.engQuantitative EasingUnconventional Monetary PolicyEurozoneUSmaster thesis