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

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

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Figure 27.2: Sticky Price Model: Yof

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