MR. BERNANKE: A very careful study done by Federal Reserve system economists suggests that the total job impact of all of the QE programs -- including QE1, including the reinvestments, including QE2 -- could be up to 3 million jobs. It could be less; it could be more, but the important to understand is that it is not insignificant. It is an important contribution to growth and to job creation...
REP. VAN HOLLEN: All right. So as I understand, that was a credible study in your view, was it not?
MR. BERNANKE: It is, and there have been other studies as well, which are comparable.
REP. VAN HOLLEN: And as I -- just focusing on QE2, my understanding is that just with respect to that, those monetary decisions, that that created or saved between 600 (thousand) and 700,000 jobs. Is that correct?
MR. BERNANKE: The same study attributes -- again, prospectively -- in part, to the $600 billion QE2 about 700,000 jobs. Again, let me just emphasize that these are simulation studies and -- but they do indicate that the potential impact is significant.
From the Q&A session