Impact of Fed’s QE often larger in EMs than US, research finds

Federal Reserve
Federal Reserve, Washington, DC

The impact of the Federal Reserve's quantitative easing (QE) was "often larger" in emerging markets than in the United States, according to research published by the IMF on April 29.

The working paper, Financial Crisis, US Unconventional Monetary Policy and International Spillovers, by Qianying Chen, Andrew Filardo, Dong He and Feng Zhu, examines the cross-border effects of the Fed's asset purchases using a global vector error-correction model.

"The estimated effects on the emerging economies

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