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7. The long-run effects of monetary policy The following graphs show the state of an economy that is currently in long-run equilibrium. The first graph

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7. The long-run effects of monetary policy

The following graphs show the state of an economy that is currently in long-run equilibrium. The first graph shows the aggregate demand (AD) and long-run aggregate supply (LRAS) curves. The second shows the long-run and short-run Phillips curves (LRPC and SRPC).

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