Yes! We study the substitutability between conventional monetary policy based on the adjustment of a short term policy interest rate with quantitative easing (QE). We do so in a four equation New Keynesian model featuring financial frictions that allows QE to be economically relevant. We analytically derive how much QE vs conventional policy is necessary to implement an inflation target. Quantitatively, the observed expansion of the Federal Reserve’s balance sheet over the zero lower bound (ZLB) period provides stimulus equivalent to cutting the policy rate to two percentage points below zero. This is in-line with the decline in the empirical shadow Federal Funds rate series. Moreover, we show that the amount of QE required to achieve price stability depends on the expected duration of the ZLB.