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The FED's Quantitative Easing programs have substantially increased the monetary base, but they have had only a small impact on the money supply. How can we explain this? 0 Bankers wanted to lend large amounts of money, which caused the excess reserves to demand deposit ratio to increase. This led to a decrease in the base money multiplier. O Bankers are content to hold large amounts of reserves rather than lend them out, which caused the excess reserves to demand deposit ratio to increase. This led to a decrease in the base money multiplier. O Bankers want to lend large amounts of money, which caused the excess reserves to demand deposit ratio to increase. This led to an increase in the base money multiplier. O Bankers are content to hold large amounts of reserves rather than lend them out, which caused the excess reserves to demand deposit ratio to decrease. This led to a decrease in the base money multiplier. Question 20 (1 point) Although open market operations and discount loans both change the monetary base, the Fed has 0 greater control over open market operations than over discount loans. 0 greater control over discount loans than over open market operations. O very little control over either discount loans or open market operations. 0 complete control over both discount loans and open market operations