• unconventional
• quantitative
• monetary
• IRF
• easing
• var

After the global financial crisis, some central banks such as FED, ECB, BOJ, and BOE applied unconventional monetary policies in their economy. One of them was Quantitative Easing policies. The main target of thesis was measuring the effectiveness of Quantitative Easing programs with the help of the VAR model and IRF functions. Our results demonstrated to us FED, ECB and BOE were mainly successful in their strategy. BOJ had faced some problems and results can not acceptable statistically successful. Primary asset purchase programs outcomes were more profitable than the following ones. Generally, from the statistical outcomes, we can accept Quantitative easing programs were the right strategy for fighting with the financial crisis.