This exercise is based on the following simplified model of the determination of the money stock.
?
,
?
where M - money stock
C - currency in circulation
R - bank reserves
D - deposits of the public
H - high-powered money
If the money stock were $108 billion, what would bank reserves have to be?
?
$____________billion
Fill in the blank(s) with the appropriate word(s).
Answer: 9
Mathematics
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