EFFECTS OF US QUANTITATIVE EASING ON LATIN AMERICAN ECONOMIES

EFFECTS OF US QUANTITATIVE EASING ON LATIN AMERICAN ECONOMIES

Most emerging economies have been affected to some degree by the Fed’s quantitative easing (QE) policies. This paper assesses the impact of these measures in terms of key macroeconomic variables for four inflation-targeting small open economies in Latin America. We identify a QE policy shock in a st...

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Veröffentlicht in:Macroeconomic dynamics 2020-12, Vol.24 (8), p.1989-2011
Hauptverfasser: Carrera, César, Ramírez-rondán, Nelson R.
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Economic theory
Macroeconomics
Monetary policy
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container_end_page 2011
container_issue 8
container_start_page 1989
container_title Macroeconomic dynamics
container_volume 24
creator Carrera, César
Ramírez-rondán, Nelson R.
description Most emerging economies have been affected to some degree by the Fed’s quantitative easing (QE) policies. This paper assesses the impact of these measures in terms of key macroeconomic variables for four inflation-targeting small open economies in Latin America. We identify a QE policy shock in a structural vector autoregressive with block exogeneity and a mixture of zero and sign restrictions. Overall, we find that these QE policies have significant effects on financial variables such as the exchange rate, and these effects are larger with respect to those in output and prices. Furthermore, the effects vary across countries, and these are more significant in Chile and Mexico than in Peru and Colombia.
doi_str_mv 10.1017/S1365100519000075
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Monetary policy
title EFFECTS OF US QUANTITATIVE EASING ON LATIN AMERICAN ECONOMIES
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