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Has QEII Been Effective?

FRED Graph  St Louis Fed 2

Robert Waldmann asks what would convince me that QEII has not had a positive effect on the economy:

Angry Bear: I recall two claims about monetary policy which were not controversial until this year. First that the effects of a shift in monetary policy peak after roughly 6 months. Second that it acts through investment and especially housing investment (the second follows from the view that it acts via interest rates but not the short term rates which the Fed can control but medium and long term rates which matter a lot for housing and some for investment in productive capital).... [W]hat evidence could possibly convince you that QE2 was ineffective. You have a powerful imagination and should be able to think of something (I can't)...

If market expectations of future inflation had not risen but had declined since QEII was mooted last August, I would conclude that QEII has been ineffective. They have not.