From August 2014 to August 2017, the Fed continued to reiterate that monetary policy was accommodative. And

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From August 2014 to August 2017, the Fed continued to reiterate that monetary policy was ‘accommodative.’

And during this time, excess reserves by banks decreased from around \($2.67\) trillion to around \($2\) trillion, a decline of about 25%. What does this say about the bank lending channel?

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