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Excess Bank Reserves: Theory vs. Reality
In the macro econ textbooks, the mainstream explanation for money creation is the story of fractional reserve banking where reserves limit the amount of loans made. In the traditional theory, the...
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Innovation in Monetary Policy in Sweden Works: Negative Interest Rates
The Sveriges Riksbank (a.k.a. Riksbanken), the Swedish central bank, tried an innovation in monetary policy two years ago in July 2009 when it set the official deposit rate at a negative interest...
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