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[{"key": "dc.contributor.advisor", "value": "Raatikainen, Juhani", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Juhola, Susanna", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2021-06-10T07:41:49Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2021-06-10T07:41:49Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2021", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/76414", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4m\u00e4n Pro gradu -tutkielman tarkoituksena on selvitt\u00e4\u00e4 Euroopan keskuspankin rahapolitiikan vaikutuksia toimialakohtaisiin tuottoihin. Tutkielman alkupuolella tullaan esitt\u00e4m\u00e4\u00e4n rahapolitiikan tavoite, Euroopan keskuspankin konventionaalisen rahapolitiikan v\u00e4littymismekanismit sek\u00e4 pohjustetaan vuoden 2008 finanssikriisin vaikutuksia. Varsinainen tutkielman painopiste keskittyy kuitenkin ei-konventionaalisen rahapolitiikan toimiin, jotka yleistyiv\u00e4t finanssikriisin j\u00e4lkeen. N\u00e4ihin ei-konventionaalisiin toimiin luetaan pitk\u00e4t rahoitusoperaatiot sek\u00e4 arvopaperien osto-ohjelmat, joiden tarkoituksena on pyrki\u00e4 yll\u00e4pit\u00e4m\u00e4\u00e4n keskipitk\u00e4n aikav\u00e4lin hintavakautta. \n\nMenetelm\u00e4n\u00e4 tutkimuksessa tullaan k\u00e4ytt\u00e4m\u00e4\u00e4n sek\u00e4 lineaarista regressiota ett\u00e4 Markov-switching dynaamista regressiota. Dynaamisella kahden regiimin mallilla pystyt\u00e4\u00e4n huomioimaan lasku- ja nousukausien vaikutuksia toimialakohtaisille tuotoille. Tutkimusaineistona tullaan k\u00e4ytt\u00e4m\u00e4\u00e4n STOXX Europe indeksin toimialaindeksej\u00e4, jotka on mitattu toimialojen logaritmisina kuukausituottoina syyskuusta 2004 maaliskuuhun 2021. Lis\u00e4ksi aineistoon on valittu riski\u00e4 kuvaava VSTOXX \u2013indeksi sek\u00e4 kansainv\u00e4listen osakemarkkinoiden vaikutuksia kuvaava World \u2013indeksi, josta on poistettu Eurooppa. Konventionaalisen rahapolitiikan vaikutuksia toimialakohtaisiin tuottoihin kuvaa kolmen kuukauden Saksan valtionlainan korko ja puolestaan ei-konventionaalisia toimia kuvaa kolmen kuukauden Saksan valtionlainan koron ja Wu-Xia varjokoron v\u00e4linen erotus.\n\nLineaarisella regressiolla saadut tulokset osoittavat, ettei rahapolitiikalla ole tilastollisesti merkitsev\u00e4\u00e4 vaikutusta, vaan merkitt\u00e4v\u00e4n\u00e4 selitt\u00e4v\u00e4n\u00e4 tekij\u00e4n\u00e4 on ollut riskimuuttuja. Vastaavasti huomioitaessa regiimien vaikutukset sek\u00e4 konventionaalisilla ett\u00e4 ei-konventionaalisilla rahapolitiikan toimilla havaitaan merkitsevi\u00e4 tuloksia erityisesti laskusuhdanteessa.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2021-06-10T07:41:49Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2021-06-10T07:41:49Z (GMT). No. of bitstreams: 0\n Previous issue date: 2021", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "51", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "arvopaperien osto-ohjelmat", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "rahoitusoperaatiot", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "EKP:n rahapolitiikka ja sen vaikutukset osakkeiden sektorikohtaisiin tuottoihin", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202106103623", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahapolitiikka", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "keskuspankit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "osakkeet", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
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