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15. Assume that South Korea has been in recession from the beginning of the pandemic. Both the central bank (Bank of Korea) and the government
15. Assume that South Korea has been in recession from the beginning of the pandemic. Both the central bank (Bank of Korea) and the government (Ministry of Economy and Finance) are preparing stimulus packages for the economy. (1) Using both AA-DD curves, describe the effect of the effect of the central bank's temporarily expansionary monetary policy on the change of equilibrium of national output and foreign exchange rate. (5 points)
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