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1. Occasionally when government budget deficits get large the policy makers start talking about budget austerity. Budget austerity usually involves a reduction in federal government

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1. Occasionally when government budget deficits get large the policy makers start talking about "budget austerity". Budget austerity usually involves a reduction in federal government spending to keep the budget deficit under control. Assume that just as austerity was to begin that we find the economy at a level of Ye that is below full employment (Ye

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