The Foundation of Modern Macroeconomics Figure 11.12. Fiscal policy with real wage rigidity in Europe and nominal

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The Foundation of Modern Macroeconomics Figure 11.12. Fiscal policy with real wage rigidity in Europe and nominal wage rigidity in the United States exchange rate of Europe appreciates and the new equilibrium is at el. Both y and y*

increase, though the latter increases by more than the former (see the third quadrant).

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