Abstract

PARRA BARRIOS, Alberto. Quantitative easing: Features and Impact on the Economies of USA and Colombia. Rev. esc.adm.neg [online]. 2017, n.82, pp.17-40. ISSN 0120-8160.  https://doi.org/10.21158/01208160.n82.2017.1646.

This paper describes the monetary policy implemented by The Federal Reserve System during 2008- 2015, taking into account its objectives, its economic theory and the impact of main indicators in USA and Colombia. For its methodological development, a former documented research and the application of an ordinary, square minimal model, which shows the program impact on the indicators of Colombian economy, were taken into account, based on a Capital Asset Pricing Model (CAPM). Its outcomes show the program impact on money supplies, the representative market exchange rate and the fixed rate of financial assets in USA as well as its direct impact on COLCAP, the representative market exchange rate, the oil price in Texas (WTI) and direct foreign investment (IED) in Colombia during 2008- 2015.

Keywords : Quantitative eaisng; Federal Reserve; transmission channels; GSE-MBS..

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