Moore, Jeffrey, Sunwoo Nam, Myeongguk Suh and Alexander Tepper, 2013: “Estimating the Impacts of the U.S. LSAPs on Emerging Market Economies’ Local Currency Bond Markets”, Federal Reserve Bank of New York Staff Report 595. Neely, Christopher J., 2010: “The Large Scale Asset Purchases Had Large International Effects”, Working Papers 2010–018, Federal Reserve Bank of St. Louis.
The quantitative impact of our credit actions on the balance sheet has been large; its size has nearly doubled over the past year, to just under $ trillion. Some observers have expressed the concern that, by expanding its balance sheet, the Federal Reserve will ultimately stoke inflation.