In 2007, the United States was at full employment. The quantity of money was growing at 6.4
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In 2007, the United States was at full employment. The quantity of money was growing at 6.4 percent a year, the nominal interest rate was 4.4 percent a year, real GDP grew at 1.9 percent a year, and the inflation rate was 2.9 percent a year. Use this information to work Problems.
Was the velocity of circulation constant? If the velocity of circulation was not constant, how did it change and why might it have changed?
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Velocity was not constant Its growth rate equals inflation 29 percent a year p...View the full answer
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