{
  "title": "Financial Crisis, US Unconventional Monetary Policy and International Spillovers",
  "publication": "IMF Working Papers, April 29, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/index.md",
  "summary": "We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads.",
  "sections": [
    {
      "heading": "Authors and Publication",
      "content": "- By Qianying Chen, Andrew Filardo, Dong He, Feng Zhu\n- April 29, 2015\n- Working Paper No. 2015/085, Issue: 085\n- Pages: 32\n- Volume: 2015\n- DOI: https://doi.org/10.5089/9781475520668.001\n- Stock No: WPIEA2015085\n- ISBN: 9781475520668\n- ISSN: 1018-5941"
    },
    {
      "heading": "Research Question and Methodology",
      "content": "- Research focus: Impact of US quantitative easing (QE) on emerging and advanced economies.\n- Empirical approach:\n  - Estimate a global vector error-correction model (GVECM).\n  - Conduct counterfactual analyses.\n- Key modeling focus: effects of reductions in the US term spread and US corporate spread."
    },
    {
      "heading": "Core Findings",
      "content": "- Main empirical results:\n  - Reductions in the US corporate spread associated with US QE measures appear to be more important than lowering the US term spread.\n  - US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies.\n  - Estimated effects on emerging economies have been diverse but often larger than those recorded in the US and other advanced economies.\n- Interpretation:\n  - The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs across countries."
    },
    {
      "heading": "Policy Implications and Considerations",
      "content": "- Implicit policy considerations based on findings:\n  - US unconventional monetary policy (QE) can have significant cross-border spillovers through corporate- and term-spread channels.\n  - Policymakers in advanced economies may have benefited from reduced risk of prolonged recession and deflation due to US QE.\n  - Emerging-market policymakers should consider the potentially larger and heterogeneous effects of US QE when designing domestic policy responses."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Credit, Financial sector policy and analysis, Foreign exchange, Inflation, Monetary policy, Money, Prices, Spillovers, Unconventional monetary policies\n- Keywords: corporate spread, Credit, currency appreciation, economy, emerging economies, financial crisis, Global, global VAR, Inflation, international monetary policy spillovers, monetary policy indicator, monetary policy spillover, QE measure, QE policy, QE program, quantitative easing, Spillovers, spread shock, term spread, Unconventional monetary policies, unconventional monetary policy, WP\n\nIMF Working Paper: \"Financial Crisis, US Unconventional Monetary Policy and International Spillovers\" (Working Paper No. 2015/085, April 29, 2015).\n\n---\n\n Content in this bundle\n\n- wp1585\n  - wp1585 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1585 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/bundle-manifest.json)",
    "Authors: Qianying Chen, Andrew Filardo, Dong He, Feng Zhu",
    "Published: April 29, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475520668.001",
    "By Qianying Chen, Andrew Filardo, Dong He, Feng Zhu",
    "April 29, 2015",
    "Working Paper No. 2015/085, Issue: 085",
    "Pages: 32",
    "Volume: 2015",
    "DOI: https://doi.org/10.5089/9781475520668.001",
    "Stock No: WPIEA2015085",
    "ISBN: 9781475520668",
    "ISSN: 1018-5941",
    "Research focus: Impact of US quantitative easing (QE) on emerging and advanced economies.",
    "Empirical approach:",
    "Key modeling focus: effects of reductions in the US term spread and US corporate spread.",
    "Main empirical results:",
    "Interpretation:",
    "Implicit policy considerations based on findings:",
    "Subject: Credit, Financial sector policy and analysis, Foreign exchange, Inflation, Monetary policy, Money, Prices, Spillovers, Unconventional monetary policies",
    "Keywords: corporate spread, Credit, currency appreciation, economy, emerging economies, financial crisis, Global, global VAR, Inflation, international monetary policy spillovers, monetary policy indicator, monetary policy spillover, QE measure, QE policy, QE program, quantitative easing, Spillovers, spread shock, term spread, Unconventional monetary policies, unconventional monetary policy, WP",
    "**_wp1585**"
  ],
  "related": [
    {
      "title": "_wp1585",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2015/_wp1585.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2015/_wp1585.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2015/_wp1585.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/financial-crisis-us-unconventional-monetary-policy-and-international-spillovers-42875/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T13:36:36.931Z"
}