To explain this abrupt and radical change requires examining more closely the relationship between the monetary base and inflation, and understanding the changing role of the reserves that commercial banks hold at the Federal Reserve.
要解释这一突然而彻底的变化，需要更仔细地考察货币基础和通货膨胀的关系，理解商业银行存放在美联储的准备金的角色变化。