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13. (3 points) When the Taylor rule includes the output gap, short-run output will be _______ responsive to exogenous shocks because _______. a) More; the
13. (3 points) When the Taylor rule includes the output gap, short-run output will be _______ responsive to exogenous shocks because _______. a) More; the multiplier is larger b) Less; the multiplier is smaller c) More; monetary policy becomes procyclical d) Less; monetary policy becomes countercyclical e) Not; monetary policy counteracts shocks
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