Liberty Street Economics — How Unconventional Are Large-Scale Asset Purchases?

From this evidence, we conclude that LSAPs have effects on financial conditions that are very similar to those of more conventional approaches to providing monetary stimulus; they move asset prices in the same direction and in roughly similar proportions. This conclusion does not guarantee, of course, that LSAPs are similar to conventional policy in their effects on the macroeconomy, which is the ultimate target of any monetary policy intervention. However, changes in broad financial conditions are one of the main conduits through which monetary policy impulses are transmitted to the rest of the economy, which suggests that the macroeconomic effects of this unconventional policy might also be fairly conventional after all.

FRBNY — Liberty Street Economics
How Unconventional Are Large-Scale Asset Purchases?
Carlo Rosa, a financial economic specialist in the Federal Reserve Bank of New York’s Markets Group, and Andrea Tambalotti, a research officer in the Bank’s Research and Statistics Group [BTW, Andrea is also a man's name.]

The article comes with the standard boilerplate:

Disclaimer

The views expressed in this post are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System

but we can probably conclude this is close to official thinking on the matter.