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Assume that prices and Iwages adjust rapidly so that the markets for labor, goodsI and assets are always in equilibrium. What is the effect of

Assume that prices and Iwages adjust rapidly so that the markets for labor, goodsI and assets are always in equilibrium. What is the effect of the following event on output. the real interest rate, and the current price level? Event: An increase in the interest rate paid on checking accounts. Output "r': 1 Real interest rate r!": 7 Current price level 'P': 1

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