Most of QE existed only as propping up reserves in various banks. The Fed then paid Interest On Reserves (IOR) as an incentive. For static measures - balance s

Most of QE existed only as propping up reserves in various banks. The Fed then paid Interest On Reserves (IOR) as an incentive. For static measures - balance sheet type things - it was huge. For dynamic measures - increased M3 or GDP or what have you - it was a non-event.