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4. Briefly summarize the old framework: Monetary Policy under Limited Reserves. 5. How did the Financial Crisis in 2007-2009 change the monetary policy? Briefly explain.

4. Briefly summarize the old framework: Monetary Policy under Limited Reserves. 5. How did the Financial Crisis in 2007-2009 change the monetary policy? Briefly explain. 6. Briefly explain the new framework: Monetary Policy under Ample Reserves. What are the Fed's new policy tools? 3 )

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