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After the onset of the GFEC, if the world's central banks had then allowed large-scale bank failure to occur, this would have resulted in the
After the onset of the GFEC, if the world's central banks had then allowed large-scale bank failure to occur, this would have resulted in the destruction of huge volumes of bank deposits and thereby very significant reductions in the money supplies in their countries. Represent this money supply reduction impact on the economy using the AD-AS framework and explain the outcome predicted by the framework.
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