BIS central bankers’ speeches  3  advanced-economy demand. Which of these two effects would be greater is an empirical matter.
Simulations of the Federal Reserve Board’s econometric models of the global economy suggest that the effects are roughly offsetting, so that accommodative monetary policies in the advanced economies do not appear, on net, to have adverse consequences for output and exports in the emerging market economies.8 A return to solid growth among the advanced economies is ultimately in the interest of advanced and emerging market economies alike.