The simple deposit expansion multiplier is really too simple for understanding the link between changes in a central bank's balance sheet and the quantity of money in the economy because it:

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The simple deposit expansion multiplier is too simplistic because it ignores the fact that people might change their currency holdings, which can significantly affect the money supply. It assumes all money deposited will be held in banks, not accounting for the public's preference for holding cash.

The Simple Deposit Expansion Multiplier Is Really Too Simple for Understanding