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3. Suppose that a time series of GDP growth (14 - 1) is given by the following figure (time is on the r-axis): Using the

3. Suppose that a time series of GDP growth (14 - 1) is given by the following figure (time is on the r-axis): Using the assumption on the economy's saving behavior made in the Solow model (consumption is a constant fraction of output: C = (1 -s)Y,) draw, in the same graph, the implied time series behavior for consumption growth. How does the graph change if s is procyclical?

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