The study looked at how unconventional monetary policies affect a small open economy compared to a closed one. By adding features of international trade and financial channels to a model, the researchers found that large-scale asset purchases have less impact on real activity in a small open economy. This is because leakages occur when agents trade internationally and save in foreign currency, leading to differences between the two types of economies. Additionally, negative supply side shocks have less severe consequences in a small open economy due to the boost in competitiveness from real exchange rate depreciation.