Title:

The Base Money Paradox

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Federal Reserve Bank of San Francisco. "The Base Money Paradox," Economic Letter (Federal Reserve Bank of San Francisco) (September 25, 1981). https://fraser.stlouisfed.org/content/?item_id=517437&filepath=/files/docs/historical/frbsf/frbsf_let/frbsf_let_19810925.pdf, accessed on July 16, 2018.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102