Bear with me - how does that tie back to monetarism ( which, according to my dim lights , we simply don't do ).
I presume you mean QE{I,II,II...} ? Those have been zero velocity efforts; buried in the back yards of big banks without a trace. Increased reserves with interest being paid on them.
I presume you mean QE{I,II,II...} ? Those have been zero velocity efforts; buried in the back yards of big banks without a trace. Increased reserves with interest being paid on them.