This paper evaluates the whole impact of quantitative easing on inflation in Korea implemented by the central banks in four major advanced economies, the U.S., Euro Area, U.K. and Japan. According to the analysis employing a VAR-X model with the security holdings of those central banks an exogenous variable, quantitative easing is estimated to exert downward pressures on inflation in Korea. Considering the impulse responses of Korean macroeconomic variables to a quantitative easing shock, the spillover effect is transmitted through exchange rate channel while trade channel turns out to be ineffective. In an additional analysis assessing the impact of each quantitative easing program of the central banks, only those of the Fed and European Central Bank are estimated to be significant. The empirical results prove to be robust even if using long-term interest rates as an alternative indicator of quantitative easing.

中文翻译：

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量化宽松对韩国通货膨胀的影响

本文评估了量化宽松对韩国通货膨胀的整体影响，这是由四个主要发达经济体（美国，欧元区，英国和日本）的中央银行实施的。根据使用VAR-X模型的分析，这些央行的证券持有量是一个外生变量，估计量化宽松将对韩国的通货膨胀造成下行压力。考虑到韩国宏观经济变量对定量宽松冲击的冲动响应，溢出效应通过汇率渠道传递，而贸易渠道却无效。在评估中央银行每个量化宽松计划的影响的其他分析中，只有美联储和欧洲中央银行的评估才是重要的。