Some progress has been made in the research of such policy effects both on the theoretical and empirical sides, but there continues to be vigorous debate over the effects and costs, as well as over whether this policy should be implemented in the first place.
In practice, large-scale asset purchases by central banks seem to have become common measures adopted in major advanced economies including the United States, Japan, and Europe. The Bank of Japan adopted quantitative easing from 2001 through 2006: at that time, this was regarded as a pioneering policy framework.