Brian Fabo (National Bank of Slovakia) - The Macroeconomic Effects of Major QE Programs and their Spillovers on Emerging Markets

Abstract:
The macroeconomic impacts of the quantitative easing programs enacted by the major central banks worldwide have been examined in many scientific articles. An increasing number of papers have additionally explored the spillover effects of the US and – to a lesser degree EA and UK - QE programs on the macroeconomic performance of major emerging economies. In my contribution, I aim to map this rich literature by systematically collecting the findings and arguments relevant to the possible effect of these “helicopter money” policies.

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