BIS paper tracks US and eurozone QE spillovers
US QE spilled across borders more strongly
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.
Both
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