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Consider an economy experiencing a high inflation rate. The central bank decides to implement a tight monetary policy to control the inflation. Discuss the potential

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"Consider an economy experiencing a high inflation rate. The central bank decides to implement a tight monetary policy to control the inflation. Discuss the potential short- term and long-term effects of this policy on inflation, unemployment, and economic growth. Additionally, analyze how this policy might affect the exchange rate and the balance of trade."

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