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3. Illustrate what happens if the Fed undertakes an open market purchase of bonds given fixed vs a flexible economy exchange rate - when BP

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3. Illustrate what happens if the Fed undertakes an open market purchase of bonds given fixed vs a flexible economy exchange rate - when BP is flatter than the LM in both cases (label 1, 2, 3 and write each step down)! (10 points) Fixed Flexible (temporary changes in e)

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