It bought over $ trillion of longer-term government securities. Through these actions, the Fed provided an extraordinary amount of monetary stimulus – and so was able to meet its price stability mandate in the face of challenging circumstances. Unemployment does remain disturbingly high – over 9 percent.
Academic research provides insights into these questions and possible answers, ways to analyze the data, and the foundations for testing theories with economic models. 1/2  BIS - Central bankers' speeches  The papers presented here today and tomorrow are ideal examples of the kind of work that can help policymakers do their jobs better, and can facilitate sharing knowledge around the world.