Prior to 2009 the U.S. monetary policy regime was known as "limited reserves" because...
Prior to 2009 the U.S. monetary policy regime was known as "limited reserves" because...
the Fed's powers were limited, but the stimulus bill give it unlimited powers to influence money supply.
the amount of reserves held by banks was limited to the reserve requirement.
the money supply was sufficiently limited that increases and decreases in money supply occurred in the downward-sloping region of the demand for reserves, causing interest rates to fall and rise.
All of the above