Regarding the effects on EMEs, it appears that both conventional and unconventional policies in the United States – among other factors – have driven capital flows into EMEs. See, for example, Ahmed and Zlate (2014) and Bowman, Londono, and Sapriza (2014). 12  See, for example, D’Amico and King (2013); Gagnon and others (2011); Gilchrist, López-Salido, and Zakrajšek (2014); and Hamilton and Wu (2012).
13  See, for example, Yellen (2011). BIS central bankers’ speeches  3  The recovery from the financial crisis Despite monetary stimulus, the recovery from the financial crisis has been even more sluggish than we had expected. The slow recovery provides more evidence that severe financial crises have long-lived effects, as Reinhart and Rogoff, and others, have documented.