Consider the extended model with the augmented Phillips curve in Figure 1.13 of the reader. Full-employment output is is 80, that is Y=80. The SRAS curve is given by Y=Y+2(PPe) and the aggregate demand curve is given byAD=40+2(M/P).The money supply is 600. The central bank makes a surprise change in the money supply from 600 to 500. In the first period after this change, output (with one decimal place) becomes [x].

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