Small open economies benefit from QE spillovers – IMF paper

Janet Yellen
IMF chair Janet Yellen

Unconventional monetary policies are effective in small open economies, but spillovers from centre countries, such as the US, can have an even bigger effect, says research published by the IMF.

Unconventional Monetary Policy in a Small Open Economy shows that between July 2007 and December 2015, the US Federal Reserve Board’s bond-buying programmes boosted industrial production by approximately 0.157% in the US and 0.127% in Canada.

“Our results demonstrate the effectiveness of domestic

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