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This question is about the Great Recession that started in 2007. (a) Explain why after the Great Recession, conventional monetary policy showed little effect on

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This question is about the Great Recession that started in 2007. (a) Explain why after the Great Recession, conventional monetary policy showed little effect on GDP per capita although the Federal Funds Rate was lowered to zero. (b) Explain how quantitative easing was supposed to step in for conven- tional monetary policy once the Federal Funds Rate was zero

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