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We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank\u2019s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findings seem to corroborate the view that concerns about asset price bubbles, financial sector pro-cyclicality and systemic risk should be part of the macro-prudential policy toolkit.<\/jats:p>","DOI":"10.1515\/snde-2018-0088","type":"journal-article","created":{"date-parts":[[2019,11,8]],"date-time":"2019-11-08T04:06:33Z","timestamp":1573185993000},"source":"Crossref","is-referenced-by-count":5,"title":["Unconventional monetary policy reaction functions: evidence from the US"],"prefix":"10.1515","volume":"24","author":[{"given":"Luca","family":"Agnello","sequence":"first","affiliation":[{"name":"University of Palermo , Department of Economics, Business and Statistics (SEAS) , Viale delle Scienze , 90128 Palermo , Italy"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6426-6663","authenticated-orcid":false,"given":"Vitor","family":"Castro","sequence":"additional","affiliation":[{"name":"Loughborough University , School of Business and Economics , Loughborough, Leicestershire LE11 3TU , UK"},{"name":"University of Minho , Economic Policies Research Unit (NIPE) , Campus of Gualtar , 4710-057 Braga , Portugal"}]},{"given":"Gilles","family":"Dufr\u00e9not","sequence":"additional","affiliation":[{"name":"Aix-Marseille University , CNRS, EHESS, Centrale Marseille, AMSE, Ch\u00e2teau La Farge \u2013 Route des Milles , 13290 Aix-en-Provence Les Milles , France"}]},{"given":"Fredj","family":"Jawadi","sequence":"additional","affiliation":[{"name":"University of Lille , 104 Avenue du Peuple Belge , 59049 Lille , France"}]},{"given":"Ricardo M.","family":"Sousa","sequence":"additional","affiliation":[{"name":"University of Minho , Department of Economics and Economic Policies Research Unit (NIPE) , Campus of Gualtar , 4710-057 Braga , Portugal"},{"name":"London School of Economics and Political Science , LSE Alumni Association , Houghton Street , London WC2A 2AE , UK"}]}],"member":"374","published-online":{"date-parts":[[2019,11,8]]},"reference":[{"key":"2025121216114194319_j_snde-2018-0088_ref_001_w2aab3b7d280b1b6b1ab2b1b1Aa","doi-asserted-by":"crossref","unstructured":"Agnello, L., V. 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