“…Research has also found significant spillovers, both positive and negative, from quantitative easing in Japan (Ganelli & Tawk, ), from quantitative easing in Europe (IMF, ) and from quantitative easing in the United Kingdom (Korniyenko & Loukoianova, ). Research has found significant spillovers from surprise monetary policy announcements (Caceres, Carrière‐Swallow, Demir, & Gruss, ), from asynchronous monetary policies between the United States and Europe (Buitron & Vesperoni, ) and from the appreciation of the US dollar in recent years (Chow, Jaumotte, Park, & Zhang, ).…”