1/ Alright, this wasn't supposed to be this long but I got carried away. First off, I think we need to define what we mean by “inflationary” here. Going by the Austrian definition of inflation which is “increases in the money supply,” then yes QE..

2/ is inflationary as it increases the aggregate monetary base (MB). But if we are referring to the more common definition of inflation as “increases in the prices of goods and services” then no, it is not inflationary. Not bc it *couldn’t* be, but bc the modern financial..

3/ system simply doesn’t care about reserves. They can be mildly useful in some situations (such as temporarily plugging holes in a BS) but on net they do not change bank lending/investment behavior.