1. Open market operations as a monetary tool Suppose that the Federal Reserve buys $3 million worth of government securities from a customer of Gold Bank. In the following balance sheets, show the effect of this transaction. (Hint: If either assets or liabilities do not exist, please select "Not Applicable" and "NA" in the drop-down menus, and type in "0" (zero) in the numeric entry fields.) Federal Reserve's Balance Sheet Assets (Millions of Dollars) Liabilities (Millions of Dollars) Assets (Millions of Dollars) Gold Bank's Balance Sheet Liabilities (Millions of Dollars) Assets (Millions of Dollars) The Customer's Balance Sheet Liabilities (Millions of Dollars) Assets Federal Reserve's Balance Sheet (Millions of Dollars) Liabilities (Millions of Dollars) Demand Deposits Gov't Securities Gold Bank's Balance Sheet Gold Bank Reserves sets of Dollars) Liabilities (Millions of Dollars) Not Applicable Cash Reserves The Customer's Balance Sheet Assets Federal Reserve's Balance Sheet Liabilities (Millions of Dollars) (Millions of Dollars) NA Gold Bank's Balance Sheet Assets (Millions of D Liabilities (Millions of Dollars)