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Refer to the data in the table. The direction of ?scal policy became more expansionary from
Federal Reserve Banks
The 12 regional banks that, along with the Board of Governors, make up the Federal Reserve System, serving as the central banking system of the United States.
Paper Currency
Money in the form of banknotes, issued by the government or central bank as legal tender.
Unlimited
Having no restrictions or boundaries in quantity or scope.
Fiat Money
Currency that a government has declared to be legal tender, but it is not backed by a physical commodity and derives its value solely from the trust that the currency will be accepted as a form of payment.
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