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(7 In the text we discussed the historical debate between Keynesians and Monetarists regarding the effective- ness of monetary policy in changing real GDP

(7 In the text we discussed the historical debate between Keynesians and Monetarists regarding the effective- ness of monetary policy in changing real GDP (see Figure 27-10 to review). Using the same sort of diagram, discuss two conditions in which a change in the money supply would have no short-run effect on real GDP.

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