摘要：This paper aims at quantitatively evaluating two questions: (i) How effective were central banks’ unconventional monetary policy actions at countering the recessionary shocks associated with the 2007–09 financial crisis? (Or how would output, inflation, and unemployment have evolved, had the asset purchase programs never existed?) (ii) How powerful are central bank interventions at the zero lower bound (ZLB), when the traditional instruments for conducting monetary policy are no longer available?
