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Suppose Ihatthe required reserve ratio is 10%, currency in circulation is $590 billion, the amount of checkable deposits is $950 billion, and excess reserves are

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Suppose Ihatthe required reserve ratio is 10%, currency in circulation is $590 billion, the amount of checkable deposits is $950 billion, and excess reserves are $1".lr billion. The money supply is 15 1540 billion. (Round your response to the nearest whole number.) The currency deposit ratio is 0.6210 . {Round yourresponse to three decimal places.) The excess reserves ratio is 0.0178 . {Round your response to three decimal places.) The moneyI multiplier is 2.19 . {Round your response to two decimal places.) Suppose Ihe central bank conducts an unusually large open market purchase of bonds held by banks of $1.420 billion due to a sharp contraction in the economy. Assuming the ratios you calculated in the previous steps are the same, the money supply should 3" Ito$ billion. (Round your response to the nearest More number.)

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