A Revision in the Monetary Base
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چکیده
‘thesource base consists of total currency outstanding (held by the public and in the vaults of depository institutions) plus the reserve balances of depository institutions at Federal Reserve Banks. The level of the money stock (currency in the hands of the public plus checkable deposits) that can be supported with a given level of the source base depends on resen’e requirements. If required reserve ratios are reduced,
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