A good understanding of Market Monetarism would have gotten you to the same place and without all the goofy ideas about the irrelevance of deficits and debt
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Huh? What market monetarists were you reading? Here's Scott Summer explicitly talking about why QE is not inflationary at the zero lower bound:https://www.mercatus.org/publications/explaining-quantitative-easing …
That's the graf describing expanding the monetary base with positive real interest rates. Now read the next one describing QE at the zero bound. BTW, this gets to the problem with MMT. Substantially expanding the monetary base has different effects under different conditions
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As Summer points out, if that were true in all cases then open market operations would never have any effect ever. Are you claiming that OMOS are always and everywhere a figment of the imagination?
End of conversation
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