Direction of monetary-base expansion decisions relative to trend. Separate from fiscal.transfer_expansion even when correlated.
De jure and de facto independence of the central bank from fiscal authority. Per D.1.5 scope, one of the framework's defensible monetary positions.
Federal Reserve Quantitative Easing 2 (QE2), announced 3 November 2010 by the FOMC, comprised USD 600 billion in additional purchases of long-term Treasury securities at a pace of about USD 75 billion per month through mid-2011, plus reinvestment of MBS principal payments. The intended effect was to lower long-term real interest rates after recovery had stalled and core inflation was running below the 2% objective, support employment growth, and signal sustained accommodation. QE2 became politically controversial — it was the subject of a public open letter from 23 economists warning of risks — but materially compressed term premia.
Per invariant 3, reforms are scored by what they did on each channel-separated axis, not by the party that enacted them. This fingerprint is how the policy-match engine finds historical analogues.
Explicit links are curated by the author. Inferred links are hypotheses in the library that test the same axes this policy moved — the framework's answer to "what does the data say about a policy like this?".
Ranked by axis-fingerprint overlap with this policy. Direction match bolded — those are the closest historical analogues. Shape of the match is what drives policy-outcome comparison, not the country or party label.