Federal Reserve's Radical Efforts Reduced Unemployment by a Whopping 0.13%

And even that is doubtful.

A paper written by two staff members of the Federal Reserve Bank of Atlanta tried to quantify what all the Fed’s new money creation and related measures have accomplished. They conclude that unemployment today would be 0.13% higher without the radical measures and 1.0% higher if nothing at all had been done.

For some time, the Fed has been trying to demonstrate what its quantitative easing (new money creation in plain language) has accomplished. This has not been easy. In the first place, the results have been poor, far below what the Fed hoped for. In the second place, the Fed did not even have a theory to explain why it would work. Without a theory, it has been difficult to build a quantifiable model that would evaluate results.

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