Nicolas Gauderon
Classical theory asserts that the formation of prices is the result of aggregated decisions ofeconomics agent such as households or corporation. However central banks are very importantagents that have often been neglected in asset pricing models. Central banks decisions ormonetary policy indeed appears to be a first order determinant of prices.This thesis aims to develop an asset pricing model that explicitly incorporates a central bankand to analyze the determination of monetary policy and its impact on financial markets. Myresults should help to improve our understanding of asset prices in the context of a monetaryeconomy. Therefore results should help both to improve portfolio management in presenceof an active monetary policy and to give central bankers a better understanding of their ownmarket impact thus helping them to design better monetary policy.
EPFL2022
