Postgrad LIVE! Study Fairs

Birmingham | Edinburgh | Liverpool | Sheffield | Southampton | Bristol

London School of Hygiene & Tropical Medicine Featured PhD Programmes
University of Oxford Featured PhD Programmes
University of Kent Featured PhD Programmes
Birkbeck, University of London Featured PhD Programmes
Birkbeck, University of London Featured PhD Programmes

The interaction of monetary policy and Asset Prices in a low interest rate environment (REF: SF18/AFM/CHANDORKAR)

  • Full or part time
  • Application Deadline
    Applications accepted all year round
  • Self-Funded PhD Students Only
    Self-Funded PhD Students Only

Project Description

The literature on the interaction between monetary policy and asset prices is well understood under the conventional monetary policy framework. However, since the financial crisis of 2007-2009, central banks in major developed economies lowered the interest rate in order to achieve price stability and prevent systemic failure. Under a conventional monetary policy framework, a central bank achieves these targets using an interest rate instrument. However, since the main policy rates around the developed world reached their “zero-bottom”, interest rate, as a policy instrument, became an ineffective tool to attain their dual objectives. As such, central banks resorted to unconventional monetary policy, which is commonly known as “Quantitative Easing”. Due to this ultra-loose monetary policy adopted by central banks, risk aversion has been substantially supressed leading to a boom in prices of risky assets. However, we still do not know how different asset classes react to unconventional monetary policy. By understanding the reaction of different asset classes to both conventional and unconventional monetary policy, this project will attempt to bridge this gap in the literature.

Eligibility and How to Apply:
Please note eligibility requirement:
• Academic excellence of the proposed student i.e. 2:1 (or equivalent GPA from non-UK universities [preference for 1st class honours]); or a Masters (preference for Merit or above); or APEL evidence of substantial practitioner achievement.
• Appropriate IELTS score, if required.

For further details of how to apply, entry requirements and the application form, see
https://www.northumbria.ac.uk/research/postgraduate-research-degrees/how-to-apply/

Please note: Applications that do not include a research proposal of approximately 1,000 words (not a copy of the advert), or that do not include the advert reference (e.g. SF18/…) will not be considered.

Northumbria University takes pride in, and values, the quality and diversity of our staff. We welcome applications from all members of the community. The University holds an Athena SWAN Bronze award in recognition of our commitment to improving employment practices for the advancement of gender equality and is a member of the Euraxess network, which delivers information and support to professional researchers.

Funding Notes

Please note this is a self-funded project and does not include fees.

References

Recent publications by supervisors relevant to this project
Poshakwale, S and Chandorkar, P., “The Impact of Monetary Policy Shocks on the Equity Risk Premium Before and After Quantitative Easing in the United Kingdom”, Investment Management and Financial Innovations, Vol 13, No. 4, December 2016

Papers under review:
Poshakwale, S and Chandorkar, P., (2016) “The Impact of Aggregate and Dis-Aggregate Consumption Shocks on the Equity Risk Premium in the United Kingdom” Global Finance Journal

Conferences:
Poshakwale, S and Chandorkar, P., (2016) “ The Response of UK Equity Risk Premium to Global Monetary Policy Shocks” 24th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management, National Chiao Tung University, Hsinchu, Taiwan.

Related Subjects

Email Now

Insert previous message below for editing? 
You haven’t included a message. Providing a specific message means universities will take your enquiry more seriously and helps them provide the information you need.
Why not add a message here
* required field
Send a copy to me for my own records.

Your enquiry has been emailed successfully





FindAPhD. Copyright 2005-2018
All rights reserved.