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The Financial Crisis of 2007-2008 changed the landscape for monetary policy. One major change was that reserves at the Fed increased significantly, which made some

The Financial Crisis of 2007-2008 changed the landscape for monetary policy. One major change was that reserves at the Fed increased significantly, which made some traditional tools of monetary policy less effective. Which tool of monetary policy was created in 2008 and has since become very important for monetary policy? The new tool of monetary policy is: o Open market operations o Interest rate on reserve balances (IORB) o The discount rate o The reserve ratio

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