Clear presentation of QE in easy to understand terms. The best summary I am aware of.
With the renewed push for the Fed to "do more," you may want to bookmark this to pass on to friends who are confused or taken in by the "experts."
We need fiscal and we need it now!
Read it at heteconomist.com
Misplaced Faith in Quantitative Easing
by Peter Cooper
BTW, although Peter doesn't mention it specifically, the "enhancement" that NDGP targeting offers to QE is expectation of a falling real rate of interest that will decrease liquidity preference and spur spending, especially on investment. Just more QTM.