Suppose that the required reserve ratio is 8%, currency in circulation is $620 billion, the amount of checkable deposits is $880 billion, and excess reserves are $14 billion. The money supply is $ 1500 billion. (Round your response to the nearest whole number.) The currency deposit ratio is 0.705. (Round your response to three decimal places.) The excess reserves ratio is 0.016. (Round your response to three decimal places.) The money multiplier is 2.13. (Round your response to two decimal places.) Suppose the central bank conducts an unusually large open market purchase of bonds held by banks of $1,450 billion due to a sharp contraction in the economy. Assuming the ratios you calculated in the previous steps are the same, the money supply should billion. (Round your response to the nearest whole number.) to S

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