BIS paper tracks US and eurozone QE spillovers


The spillovers from US and eurozone quantitative easing (QE) are "sizeable but diverse", research published on February 7 by the Bank for International Settlements finds.

Qianying Chen, Marco Jacopo Lombardi, Alex Ross and Feng Zhu use estimates of the "shadow rate", a way of translating QE into a number reflecting the short-term interest rate, to compare US and eurozone policies. They find both have been effective domestically, though the US policy appears to have been the more powerful.


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