As usual your simplification of ‘complex’ economics is refreshing…
US and UK had near-zero inflation (like you mentioned) at the time of implementing QE? In Nigeria’s case, interest rates are high (discouraging spending and borrowing needed to stimulate the economy)…and inflation rate nears 18%!! Will QE succeed in this situation? Macroeconomics 101 says less spending should bring down inflation, alas, not the case in our situation….
My point is QE has the tendency of increasing inflation since bringing down interest rates increases inflation. Can this expansionary measure bring down interest rate and reduce inflation at the same time? Or is this a case of lets get down interest rates first, (remembering the effect this will have on inflation rate, help businesses access finance to boost development, and then think of a solution to the high inflation rate later?
A mix-match of QE and inflation-reduction measures which also considers our import-dependent situation will be good sequel.