Money created does not disappear if it is not destroyed

Quantitative easing (with respect to the portion of government bonds bought by the central bank from non-bank economic agents) and helicopter money (public income transfers financed by money creation) result in economic agents holding more money. Once created, this money will not disappear if it is not destroyed by the central bank. The observation of economic agents’ money holdings therefore gives no indication of the use made of this money: It may have been kept by those who received it without being used; It may have changed holders due to a purchase of goods or services; It may have changed holders due to a purchase of financial or real estate assets. A high level of money holdings among economic agents does not mean that this money has been used efficiently at all .