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1) Suppose the economy starts in the Neoclassical equilibrium and t increases. (a) Draw the dynamics in the simple stick price case. Verbally describe what

1) Suppose the economy starts in the Neoclassical equilibrium and t increases. (a) Draw the dynamics in the simple stick price case. Verbally describe what happens. (b) Draw the dynamics in the partial sticky price case. Verbally describe what happens

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Price theory and applications

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