For instance, a study using the Federal Reserve Board’s model (FRB/US) of the economy found that, as of 2012, the first two rounds of LSAPs may have raised the level of output by almost 3 percent and increased private payroll employment by more than 2 million jobs, relative to what otherwise would be the case.
In conclusion, as Stanley Fischer, the Fed’s Vice Chair, noted in his speech last February that QE programmes coupled with increasingly explicit forward guidance have reduced the unemployment rate by 1–1.25 percentage points and increased the inflation rate by half a percentage point, relative to what would have occurred in the absence of these policies.