International impact of the Federal Reserve's Quantitative Easing program

Thank you Chairman Campbell, Ranking Member Clay, and members of the Subcommittee for affording me the great honor of testifying before you today. My name is Desmond Lachman and I am a Resident Fellow at the American Enterprise Institute. I am here in my personal capacity and I am not here to represent the AEI’s view.

Introduction

    In a highly integrated global economy, US monetary policy typically has significant spillover effects on the rest of the world economy. It does so both through the way in which it affects the state of the US domestic economy as well as by the manner in which it influences capital flows from the United States to the rest of the world economy. The unusually large degree of US monetary policy loosening over the past five years has been no exception to the rule. Indeed, there is reason to believe that both the very scale and the form of the most recent episode of US monetary policy easing has had more than the usual degree of spillover to the rest of the world economy.

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