[1] The use of these instruments has substantially loosened financing conditions, with beneficial effects for economic growth, employment and inflation. Chart 1 Unconventional policy instruments had considerable positive impact  Source: ECB calculations. Notes: The calculations are based on estimates by Eurosystem experts and the estimates in Rostagno et al. (2019).
The estimates of Eurosystem experts are based on various modelling methods, from purely structural models to time series models. A second hypothesis is that economic slack may still be larger than conventional indicators suggest.