As the Federal Reserve continues to taper its quantitative easing, it looks like the monetary policy introduced by former Fed Chairman Ben Bernanke may be coming to an end.

But a series of new papers from the Brookings Institution argue in favor of more radical monetary policy, The Economist reports.

One worry about the Fed's bond buying has been that it would lead banks and other investors to take excessive risk.

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But a study by Gabriel Chodorow-Reich of Harvard dispels that notion, according to The Economist. He looked at market reactions to 14 Fed policy announcements from 2008-13.

Chodorow-Reich found that announcements of QE were followed by declines in the cost of default insurance to protect against a bank or insurer collapsing. "Markets, then, are not worried about QE," according to The Economist.

Another paper, by Joshua Hausman of the University of Michigan and Johannes Wieland of the University of California, San Diego, focuses on the radical monetary policy of Japan.

That includes a 2 percent inflation target, massive asset purchases and a doubling of the money supply. The policy may have lifted Japan's GDP by up to a percentage point, the authors say, according to The Economist.

A new study from the National Bureau of Economic Research takes former Fed Chairman Alan Greenspan off the hook from accusations that he left interest rates too low starting in 2001, according to Fortune's Christopher Matthews.

The study shows that low interest rates don't spark asset bubbles, he writes.

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Related Stories:

• Bernanke Vows to End Quantitative Easing in 2014
• Former Treasury Chief Summers Defends Fed's Easing Policy