Effectiveness
According to the IMF, the quantitative easing policies undertaken by the central banks of the major developed countries since the beginning of the late-2000s financial crisis have contributed to the reduction in systemic risks following the bankruptcy of Lehman Brothers. The IMF states that the policies also contributed to the improvements in market confidence and the bottoming out of the recession in the G-7 economies in the second half of 2009.
Economist Martin Feldstein argues that QE2 led to a rise in the stock-market in the second half of 2010, which in turn contributed to increasing consumption and the strong performance of the US economy in late-2010. Former Federal Reserve Chairman Alan Greenspan calculated that as of July 2012 there was "very little impact on the economy" and noted "I'm very surprised at the data." Federal Reserve Governor Jeremy Stein has said that measures of quantitive easing such as large-scale asset purchases "have played a significant role in supporting economic activity."
Read more about this topic: Quantitative Easing