The increase in excess reserves that occurred as a result of the mortgage debt crisis Multiple Choice was offset by restrictive monetary policy. rendered open-market operations ineffective. caused the...

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Extracted text: The increase in excess reserves that occurred as a result of the mortgage debt crisis Multiple Choice was offset by restrictive monetary policy. rendered open-market operations ineffective. caused the Fed to set a negative nominal interest rate target for the federal funds rate. prevented the Fed from taking any further action to increase the money supply.