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Use the following environment for the next three questions. The Fed's balance sheet is and the commercial banks' balance sheet is Notice that there is

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Use the following environment for the next three questions. The Fed's balance sheet is and the commercial banks' balance sheet is Notice that there is no currency, i.e., this is a "cashless" economy. Suppose that for every open-market operation in the amount of increases by $3, i.e., an open-market purchase of $1 will increase money supply by $3 and an open-market sale of $1 will reduce money supply by $. This means that money multiplier is fixed and is equal to 3 . The reserve requirement is 10%, i.e., the reserve-deposit ratio cannot be lower than 0.1. If the Fed wants to increase money supply by 15%, then it has to buy government bonds in the amount of $ . (The answer is an integer number, no symbols)

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