The Unbalanced Spillover Effects of the Federal Reserve's Quantitative Easing Policy on Countries or Regions with Different Economic Development Qualities--Based on GVAR Model

This article uses GVAR (Global Vector Autoregressive Model) to analyze the impact of the Federal Reserve's quantitative easing policy on the real economy and financial markets of other countries and regions with different quality of economic development in the world. It is believed that there are spillover effects in US monetary policy, while there is heterogeneity in the response of countries or regions with different characteristics of economic development to external shocks. It is proposed that in the future, countries around the world can improve the driving force of domestic economic development by optimizing their economic structure, etc., while enhancing their ability to withstand external shocks. While improving innovation capabilities, accelerating opening up, optimizing the allocation of market resources, and strengthening the construction of ecological civilization, it is necessary to pay attention to the enhancement of the spillover degree of external environmental shocks. At the same time, the degree of debt leverage in different sectors will also change the impact of external shocks.