Such a transmission mechanism of traditional monetary policy, in theory, also holds true for unconventional policy. Influencing longer-term interest rates and various risk premiums is nothing more than the interest rate channel and the channel through portfolio adjustments and asset prices, both of which I have mentioned above.
Almost all of the aforementioned controversy over the policy effects in the United States can be explained in terms of the traditional transmission channels. On the other hand, some arguments remain to be specifically pointed out about transmission mechanisms in unconventional policy, even though the qualitative mechanism in traditional and unconventional policies is the same.