Discuss the following statement: 'the 3-equation model is just a simple version of the NK model'. When

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Discuss the following statement: 'the 3-equation model is just a simple version of the NK model'. When comparing the two different models make sure you discuss:

(a) How different agents interact to 'solve the model'.

(b) The propagation mechanism driving business cycles.

(c) The implications for inflation of economic shocks.

(d) The link between the labour market and inflation.

(e) The impact of business cycles on unemployment.

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