By definition, any policy of "quantitative easing" involves the expansion of bank reserves (by outright purchases of securities) and ultimately the monetary base. Neither has been expanded by the Fed in 2012.
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| Reserve balances with Federal Reserve Banks: Wednesday level (source: FRB) |
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| Source: St Louis Fed |
Clearly, given the latest announcement by the Fed (see discussion), 2013 should see both measures spike sharply. But there has been no "money printing" in 2012.
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