Moreover, our empirical analysis of downward pressure from QQE on nominal interest rates across the entire yield curve showed that, if the same effect were to be gained exclusively through the decline in short-term interest rates, it would be necessary to decrease the rate by about 2 percent.
While these analyses are subject to a margin of error due to the situation for each country and to the relevant premises, the policy effects of QQE are such that they are roughly equivalent to those that would arise from making almost ten 0.25 percent cuts in short-term interest rates in one shot under conventional monetary policy. Financial markets responded to QQE relatively swiftly.