Monetary policy at the effective lower bound: the impact of the ECB's asset purchase programme and its distributional effects

The thesis begins by explaining how the effective lower bound led the ECB to opt for unconventional monetary policy measures, including the asset purchase programme (APP). We then provide evidence of the impact of the APP on the recovery of both real GDP and inflation in the euro area. Furthermore, we concentrate on the side effects of the APP and we show that it contributed to the reduction of income inequality, while its effects are more complex considering wealth inequality.