Qual o Impacto das Políticas Não-Convencionais do Fed?

De acordo com este artigo de del Negro, Eggertsson, Ferrero e Kyiotaki, o impacto foi grande e evitou uma nova Grande Depressão:

This paper extends the model in Kiyotaki and Moore (2008) to include nominal
wage and price frictions and explicitly incorporates the zero bound on the short-term
nominal interest rate. We subject this model to a shock which arguably captures the
2008 US financial crisis. Within this framework we ask: Once interest rate cuts are
no longer feasible due to the zero bound, what are the effects of non-standard open
market operations in which the government exchanges liquid government liabilities
for illiquid private assets? We find that the effect of this non-standard monetary
policy can be large at zero nominal interest rates. We show model simulations in
which these policy interventions prevented a repeat of the Great Depression in 2008-
2009.