It is interesting to note that the OECD (2005, 2006) identified the deviation of the actual rent-to-price ratio from the fundamental ratio based on the long-term historical average ratio, employing the inverse of user cost as a proxy to the price-to-rent ratio, as the user cost equates the expected cost of owning a house with the cost of renting.
21  Perhaps the unshakeable critics of QQE believe that monetary policy does not belong within the human realm, but under the purview of a single omnipotent force.