To read the full version of this content please select one of the options below:

A survey of empirical findings on unconventional central bank policies

Stephanos Papadamou (Department of Economics, University of Thessaly, Volos, Greece)
Costas Siriopoulos (Department of Business, Zayed University, Dubai, United Arab Emirates) (Department of Business Administration, University of Patras, Patras, Greece)
Nikolaos A. Kyriazis (Department of Economics, University of Thessaly, Volos, Greece)

Journal of Economic Studies

ISSN: 0144-3585

Article publication date: 8 April 2020

Issue publication date: 23 October 2020




This paper presents an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets.


This survey covers the findings concerning portfolio rebalancing, signaling, liquidity, bank lending and confidence channels.


The positive effect of QE announcements on stock and bond prices seems to be unified across studies. A contagion effect from US QE to other emerging markets is identified, while currency devaluation is present in most cases for the country that its central bank adopted such policies. Moreover, impacts of non-conventional practices on GDP, inflation and unemployment are examined. The studies presenting weak instead of strong positive effects on inflation are more, and these studies, also, present weak positive effects on GDP growth.


Based on the large body of research on non-conventional action taking, this is the first survey including effects of each country that adopted quantitative easing (QE) measures and that provides results from every methodology employed in order to estimate unconventional practices' impacts.



Papadamou, S., Siriopoulos, C. and Kyriazis, N.A. (2020), "A survey of empirical findings on unconventional central bank policies", Journal of Economic Studies, Vol. 47 No. 7, pp. 1533-1577.



Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited