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Macroeconomic effects of the US quantitative easing during two zero lower bound periods

Author

Listed:
  • Ahn, Jihye
  • Kim, Soyoung

Abstract

This study investigates the macroeconomic effects of the US quantitative easing (QE) during two zero lower bound (ZLB) periods by employing the structural VAR model with zero and sign restrictions imposed on impulse responses. The key findings, using weekly data, are as follows. First, the QE shocks have significant effects on expected inflation rate and real economic activity during both periods. Second, the effects on real economic activity of the QE shocks during the ZLB period of the COVID-19 recession are stronger than those during the ZLB period of the Great Recession.

Suggested Citation

  • Ahn, Jihye & Kim, Soyoung, 2026. "Macroeconomic effects of the US quantitative easing during two zero lower bound periods," Economics Letters, Elsevier, vol. 258(C).
    • Handle: RePEc:eee:ecolet:v:258:y:2026:i:c:s0165176525005646
    DOI: 10.1016/j.econlet.2025.112727
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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