Understanding the links between central bank money, money for non-bank economic agents and monetary policy

In light of the monetary policies being conducted today in OECD countries, we believe it would be useful to clarify the links between: Expansionary monetary policy (quantitative easing, helicopter money); The central bank money supply (banknotes, banks’ reserves at the central bank); The money supply for non-bank economic agents (banknotes, deposits in banks). It is helpful to u nderstand these links in order to pass judgment on the monetary policies conducted and their effects.