Don't call it QE. Seriously, don't. It's not quantitative easing. Even though central bank officials are right now working out the quantities, one thing we know for sure is that it won't be easing. In a lot of ways, whatever this new-fangled balance sheet expansion turns out to look like, it has the potential to be worse than its predecessors.
Before getting to that we need to take a step back. Several steps back, actually. If only policymakers would, too. We need to examine the role of bank reserves (again, I know).
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