Even with targets, the second problem is working out exactly how much quantitative easing is enough. Very simply, whether raising the money in circulation boosts incomes depends also on what economists call the “velocity” of money. If those selling assets to the central bank simply put their spoils on deposit, for example, the potential boost from the increase in money will be tempered. Knowing the velocity of money therefore is crucial. Yet this number is hard to pin down.
即便制定了目標，也會出現第二個問題：定量寬松具體到什么程度才夠？很簡單，增加流通中的貨幣量是否會提高收入水平還取決于經濟學家所謂的資金“周轉速度”。例如，如果把資產出售給央行的那些銀行只是把戰利品存起來，那么資金增加帶來的提升潛力就會受到削弱。因此知道資金的周轉速度至關重要。但這個數字很難弄清楚。
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