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What would have happened to the money supply in the United States in the 1990s if the Federal Reserve had adhered to a policy of
What would have happened to the money supply in the United States in the 1990s if the Federal Reserve had adhered to a policy of targeting monetary base growth of 3 percent each year regardless of the demand for currency? Note that currency growth averaged 5 percent each year in that period largely owing to the demand from abroad.
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