https://www.youtube.com/watch?v=B4xcCO9v-Os&t=13s
Jeff Snider is the most knowledgeable person I have ever heard speak on international monetary issues.
Anyway, based on the discussions and videos, it seems like QE by itself is relatively neutral with regards to inflation. what's really important is whether the process leads to more lending, but that is largely controlled by other factors.
It definitely didn't seem like QE was actually printing money though, because the govt still has to pay back the initial bond.
At least that was my novice interpretation.
And right, the classic equation from macro 101 that sums this up is: P = ( M x V ) / Y
Where price level = money supply x velocity of money / gdp
Velocity is the amount of times a given dollar changes hands on average.
So they are saying that if QE fed reserves never make it out into the real economy via lending or monetized fiscal policy, velocity essentially equals 0 and never affects the price level.
Also on a side not, the other guy George mentions in that video Steve Van Metre is also excellent.
I like this one too - more general, but I think explains visually well where the reserve accounts (with the Fed or other Central Banks) sit relative to the other components of the system.
"The Landscape of Money (Part 1): State money, bank money & plug-in institutions"
https://www.youtube.com/watch?v=mmWOO7r_NMw&t=6m30s
Written texts - "Understanding the Modern Monetary System"
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1905625
from pragcap.com I found to be a good explainer.