It is also worth pointing out that many of the measures to support liquidity were successfully unwound once the job was done – so they proved to be temporary, rather than a permanent intervention.
https://www.rba.gov.au/speeches/2019/sp-gov-2019-11-26.html  6/12  26/11/2019  Unconventional Monetary Policy: Some Lessons From Overseas | Speeches | RBA  The CGFS report also documents the positive effects of some of the other unconventional measures. In general, though, I find this evidence less compelling. These various measures certainly pushed down long-term yields and provided monetary stimulus in the depths of the crisis when it was needed.