3–43; and Stefania D’Amico, William English, David López-Salido, and Edward Nelson (2012), “The Federal Reserve’s Large-Scale Asset Purchase Programmes: Rationale and Effects,” Economic Journal, vol. 122 (November), pp. F415–46.
Moreover, the Federal Reserve’s forward guidance and asset purchase policies have been estimated to have helped lower unemployment and boost inflation; see Eric M. Engen, Thomas Laubach, and David Reifschneider (2015), “The Macroeconomic Effects of the Federal Reserve’s Unconventional Monetary Policies,” Finance and Economics Discussion Series 2015–005 (Washington: Board of Governors of the Federal Reserve System, January).