In fact, there has been neither inflation nor growth: central banks can seemingly pour hundreds of billions of dollars, euros, or yen into the market with little discernible effect. So QE basically consists of an exchange of two low-yielding assets – long-terms bonds and central-bank deposits.
事实上，既没有通胀，也没有增长：央行也许可以像市场注入数千亿美元、欧元或日元而不引起看得见的市场效应。因此，量化宽松本质上是两种低收益率资产——长期债券和央行存款的交换。在广义而有效的市场中，这一交换没有多大意义。