Indeed, my whole point in talking about the research I described earlier was to underscore my belief that something like this investor-recruitment mechanism is central to how monetary policy acquires much of its traction over the real economy even in ordinary times.
Of course, the magnitude of the effect – the extent of downward pressure that we may have been inducing other investors to apply to the term premium--is likely to have been more noteworthy given the unprecedented scope of our overall monetary accommodation. But in an important sense, this effect is just a powered-up version of what makes garden-variety monetary policy work.