Analysts of the Bank of International Settlements (BIS) investigated the impact on the U.S. and UK economies of asset purchase programs implemented by the Federal Reserve System and the Bank of England between 2008 and mid-2011 and after that time.
The study revealed that the effectiveness of quantitative easing (QE) programs for the economy is significant at the beginning of their implementation.
Redemption of assets by central banks had a "significant" positive impact on the dynamics of GDP and consumer prices in the period until June 2011. After this time, the effect of the programs "is often not statistically too different from zero, according to survey.
After the collapse of the investment bank Lehman Brothers in 2008, the world's largest central banks, including the Federal Reserve and the Bank of England, launched bond buy-back programs to support financial markets.