onsider the Great Recession, which lasted from December 2007 to June 2009. From July 2008 to January 2009, the money multiplier fell from 1.7 to 0.9. If the Federal Reserve wanted to increase the money supply by $100 million in each month, how much of an open-market purchase from banks would it need to make? Assume the open-market purchase will increase bank reserves by the same amount. (a) July 2008: $ million (round your answer to two decimal places) (b) January 2009: $ million (round your answer to two decimal places)