Le Implicazioni della Politica Monetaria USA per i Paesi Emergenti

The paper starts from the consideration of the US economic outlook, assessed considering the evolution of the labor market and the inflation dynamics, in order to interpret the evolution of US monetary policy (in terms of interest rate management and balance sheet size) and its likely impact on emerging markets. Then, the paper moves to the consideration of differences and analogies between May 2013, when Ben Bernake announced the start of QE Tapering (the so called Taper Tantrum) that triggered massive capital outflows from several emerging markets, and the final months f 2021, when Jay Powell announced that the Fed was close to start a new Tapering phase (the so called Covid Tantrum) that may induce similar strains on emerging markets.