In September 2012, the Fed announced a third round of QE, the impact of which is yet to be seen. Nonetheless, the results of these studies are not surprising, given that the US is the benchmark for pricing of other global assets, and was long hailed as the engine of global growth.
Unconventional monetary policies may very well complicate policymaking for emerging market central banks and create significant challenges going forward, not least of which relate to the unwinding of loose monetary policy in the advanced economies and the implications for capital flows.