Quantitative Easing and Its Effects on Economies: A Systemic Literature Review With a European Focus

Rademacher, Magnus (2026) Quantitative Easing and Its Effects on Economies: A Systemic Literature Review With a European Focus. In: FEJLŐDÉSI PÁLYÁK ÉS ÚJ TÖRÉSVONALAK A FENNTARTHATÓSÁGI ÁTMENET IDŐSZAKÁBAN : Nemzetközi tudományos konferencia a Magyar Tudomány Ünnepe alkalmából. Soproni Egyetem Kiadó, Sopron, pp. 716-743. ISBN 9789633345795

Preview

Text MTU_2025_Conf_Proceedings_SOE_LKK_pp.716-743_Rademacher.pdf - Published Version Available under License Creative Commons Attribution Non-commercial Share Alike. Download (1MB) | Preview

Abstract

In order to continue stimulating the economy effectively in a low-interest rate environment, various central banks around the world have increasingly resorted to unconventional monetary policy (UMP) measures in recent years. One of these measures is quantitative easing (QE), which aims to lower long-term interest rates despite the central banks' key interest rates having reached the effective lower bound (ELB). This study aims to provide a systematic literature review of existing research on the micro- and macroeconomic influences of QE programs and their effects on financial markets. It also aims to identify gaps in the current research and possible approaches for future studies. Based on predefined criteria, a total of 41 articles were identified as relevant for the literature review. Most research focuses on macroeconomic factors such as consumption. In addition, the effects on government bond yields are often examined. Some studies also look at the impact of QE on financial stability or returns on financial markets (e.g., based on stock market indices). However, direct studies of the microeconomic effects, e.g., on individual companies or industries, are scarce, with the potential for further research in this area.

Actions (login required)

Edit Item