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Suppose an economy characterized by flexible prices and

Suppose an economy characterized by flexible prices and rigid nominal wage in the short-run. Using Aggregate Demand-Aggregate Supply framework, discuss the short-run and long-run effects of a decrease in money supply on the price level, real GDP, nominal wage rate and real wage rate.

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Macroeconomics: Suppose an economy characterized by flexible prices and

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Macroeconomics: Suppose an economy characterized by flexible prices and

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