"Although the U.S. economy is weak and the outlook uncertain, QE is not the right remedy," said the former president of the U.S. National Bureau of Economic Research and former chief economic adviser to President Ronald Reagan.

Critics of the policy also argue that although the recovery is painfully slow, markets should be allowed to do their work. They also worry that if the policy fails the Fed's credibility will be wrecked.

Economists consider that economic growth must reach about three percent for some time to significantly reduce high unemployment.

But more than a year after the recession officially ended, unemployment stubbornly stands at high level.

Economists expect that October's jobless rate, which will be reported on Friday, will remain at 9.6 percent for the third straight month.

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