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      • University of Waikato Theses
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      • University of Waikato Theses
      • Masters Degree Theses
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      Exogenous events, economic stimulus and its future trajectory

      Merrill, Natalie
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      Merrill, N. (2021). Exogenous events, economic stimulus and its future trajectory (Thesis, Master of Management Studies (MMS)). The University of Waikato, Hamilton, New Zealand. Retrieved from https://hdl.handle.net/10289/14454
      Permanent Research Commons link: https://hdl.handle.net/10289/14454
      Abstract
      The present worldwide COVID-19 pandemic demonstrates that our society is continuously faced with exogenous events. Looking at the past shows policy makers use monetary and fiscal policy to respond to these events; however, the jury is not out for the superior policy or combination of policies to react to exogenous events. The primary research question within this thesis is to determine the most effective and successful economic policy response to exogenous events by using insight from historical natural disasters, terrorist attacks and pandemics. The methodological approach taken within this thesis is a deductivism approach. Specifically, the analysis uses a methodological approach similar to that of an event study methodology. To analyse key macroeconomic variables within a two-year period post the exogenous event studied to analyse how macroeconomic variables responded to the economic response introduced as a result of the exogenous event or lack of, to determine any significant abnormal results. Furthermore, synthetic controls are used to study precautionary savings levels post the exogenous events. Overall, the primary conclusion of this thesis asserted that due to the indirect nature of monetary policy and its diminishing benefits it shall be treated as a defibrillator and not the rehab. Whereas fiscal policy should be the predominant tool used to recover from long-term exogenous shocks, with the key caveat being stimulus is targeted and governments are responsible for taking on debt when the economic benefits stack up.
      Date
      2021
      Type
      Thesis
      Degree Name
      Master of Management Studies (MMS)
      Supervisors
      Holmes, Mark J.
      Publisher
      The University of Waikato
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      All items in Research Commons are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
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