How was the Quantitative Easing Program of the 1930s Unwound?
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Outside of the recent past, excess reserves have only concerned policymakers in one other period: the Great Depression. The data show that excess reserves in the 1930s were never actively unwound through a reduction in the monetary base. Nominal economic growth swelled required reserves while an
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美国国家经济研究局创建时间：
2017-09-01
