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America's monetary base doubled between 1929 and 1939; prices fell 19percentt.
Japan's monetary base rose 85percentt between 1997 and 2003; deflation continued apace.
But a rising monetary base isn't inflationary when you're in a liquidity trap.
The combined effect of these actions was that the monetary base more than tripled in size.
And there has, indeed, been a huge expansion of the monetary base.
The monetary base has more than tripled; trillion-dollar deficits have gone on for years.
Central banks can expand the monetary base, but this may not lead to broad money accelerating.
Markets reacted positively to the BoJ's decision to double Japan's monetary base.
This would require backing the monetary base with reserves of foreign exchange.
Even very large increases in the monetary base will have no effect if seen as temporary.
A tripling of the monetary base would not cause runaway inflation.
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