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AD-AS vs the classical model and monetary policy. (a) How do the effects of a reduction of the money supply differ in the AD-AS and

AD-AS vs the classical model and monetary policy.

(a) How do the effects of a reduction of the money supply differ in the AD-AS and classical models?

(b) How could we determine which of these two models best describes the actual economy? What should we be looking for in the data?

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