The role of pensions: exploring the link between pension funds, monetary policy and economic performance: a case study of the Netherlands

Treball fi de màster de: Master's Degree in Specialized Economic Analysis. Curs 2020-2021 ; Directors: Christopher Busch, Luca Gambetti i Hugo Rodriguez ; Shocks to the European Central bank’s unconventional monetary policy trigger Dutch pension funds to search for yield: A structural VAR analysis shows that the pension funds reallocate their asset holdings from bonds towards equity and alternatives. The latter suggests the existence of a portfolio rebalancing channel through institutional investors in the euro area. Moreover, we emphasize that the portfolio reallocation induced by monetary po... Mehr ...