When the nominal interest rate reaches the zero lower bound (ZLB), a conventional monetary policy, namely, the adjustment of short-term interest rate, may become impractical and ineffective for central banks. Therefore, quantitative easing (QE) is one of the few available policy options of...

In recent years, the concurrent occurrences of the COVID-19 pandemic and the Russian invasion of Ukraine have led to global disruptions in supply chains and a surge in commodity prices. Major advanced economies have experienced an increase in inflation rates and a decline in economic activity....