What is a long-term effect of the federal reserve actions?

A long-term effect of the Federal Reserve actions in the 1920’s is an increase in debt.

Another effect was the absorption of gold, after the tight money policy.

During the financial crisis of the ‘20s, the Federal Reserve introduced new policy tools that were connected with the reserve accounts of the banks. These were reserve balances, overnight reserve repurchase agreement facility, and term deposit facility

In 1920, the Federal Reserve started to use open market operations as a policy tool.

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~coco