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(d) Currently the U.S. money supply is $19 trillion. In the summer of this year, 2021Q3, real GDP is expected to reach $19.8 trillion and
(d) Currently the U.S. money supply is $19 trillion. In the summer of this year, 2021Q3, real GDP is expected to reach $19.8 trillion and GDP deflator to be 1.17. If the propensity to hold money k remains at 0.00067 and the Fed wants to set the interest rate at 0.1 percent (i = 0.001), how much money should it inject or withdraw from the money market? Please express your answer in trillions of dollars, round it to one digit after the decimal point, and show your calculations.
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