3 P Karadi and A Nakov, ‘Effectiveness and addictiveness of quantitative easing’, Journal of Monetary Economics 117, 2021, pp 1096−1117. 4 In a few places, including Europe, quantitative easing also supported sovereign debt values and the financial systems that held much of that debt.
2  Job protection was also a major focus for major central banks and job creation became a measure of their policy effectiveness. More liquidity would help keep interest rates low, enabling firms to keep paying wages and to restart the economy. What impact have these efforts made on policy frameworks?