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Please answer the following question. Please show full working out/ calculations and justification, explaining the economic reasoning used to reach the answer. Suppose in a

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Please answer the following question. Please show full working out/ calculations and justification, explaining the economic reasoning used to reach the answer.

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Suppose in a certain year the central bank engaged in a round of quantitative easing, during which financial assets were acquired from non-bank firms, and which resulted in an increase in the volume of reserves by $500 min. The CB printed E110 min in currency, and of it E90 min ended up being held by households and firms. In addition, commercial banks extended E600 min in new loans to the public. By how much did broad money increase in the economy Please type the answer in millions - that is, if your result is, say, 110 min, type it as 110

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