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Assume the required reserve ratio on checkable deposits is 10%, banks do not hold any excess reserves, and the public's holdings of currency do not

Assume the required reserve ratio on checkable deposits is 10%, banks do not hold any excess reserves, and the public's holdings of currency do not change. If the Fed purchases $1 million of bonds from Irving the Investor, who then cashes the Fed's check, what happens to the reserve and the monetary base? Use T-accounts to explain your

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