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A relative expansion of U.S. output causes an increase of money supply in the EU. will not influence the value of the dollar against the

A relative expansion of U.S. output causes

an increase of money supply in the EU.

will not influence the value of the dollar against the euro

a long-run real depreciation of the dollar against the euro.

an increase of money supply in the US.

a long-run real appreciation of the dollar against the euro.

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