International Impacts of the Federal Reserve’s Quantitative Easing Program

Arvind Subramanian testified before the House Committee on Financial Services Subcommittee on Monetary Policy and Trade on January 9, 2014. Subramanian shared his thoughts on the international impacts of the Federal Reserve’s quantitative easing program.

From Subramanian's testimony:

[Quantitative easing] has generally, and on balance, had a positive impact on emerging markets (EMs) and the global economy. But in some instances they have added to pressures and volatility for EMs, complicating macro-economic management, and the impact has depended significantly on the global macroeconomic situation as well as the situation in particular countries.