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1.How long does it take (roughly) for monetary policy to have an effect on real GDP? 2.Recall that wage and price growth are driven by

1.How long does it take (roughly) for monetary policy to have an effect on real GDP?

2.Recall that wage and price growth are driven by multiple effects.

a.List and briefly explain the two effects that drive changes in nominal wages.

b.How do changes in wages end up affecting the price level?

3.I already filled the blank, please help me check the answer. Thanks!!!

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