The Reserve Bank of Australia should learn from the financial crisis mistakes of the US Federal Reserve and swiftly shift to "quantitative easing" stimulus if the RBA runs out of space to cut interest rates, a new report says.

Fuelling the emerging debate about whether the RBA will have to resort to unconventional bond buying measures if the cash rates fall below 1 per cent, United States Studies Centre economist Stephen Kirchner has written a new report to argue that QE could be more effective in Australia if it was implemented decisively and was an unlimited commitment.