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explaining short-run fluctuations in GNP. Theory and the empirical evidence suggest that the existence of intellectual property …
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explaining short-run fluctuations in GNP. Theory and the empirical evidence suggest that the existence of intellectual property …
Persistent link: https://www.econbiz.de/10013232435
This chapter reviews the role of temporary price and wage rigidities in explaining of the dynamic relationship between money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not permanent, effects on real output, and that the...
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