4  Research suggests that the first round of quantitative easing in 2009 was successful in improving market functioning and lowering long-term rates by 30-100 basis points in the United States and up to 100 basis points in the United Kingdom.
See J. Gagnon, M. Raskin, J. Remache, and B. Sack, “Large-Scale Asset Purchases by the Federal Reserve: Did They Work?” (Federal Reserve Bank of New York Staff Report No. 441, March 2010) and M. Joyce, A. Lasaosa, I. Stevens and M. Tong, “The Financial Market Impact of Quantitative Easing” (Bank of England Working Paper No. 393, August 2010).