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Economics a. Show that a given change in the money stock has a larger effect on output the less interest-sensitive is the demand for money.

Economics

a. Show that a given change in the money stock has a larger effect on output the less interest-sensitive is the demand for money. Use the formal analysis of Section 11-5.

b. How does the response of the interest rate to a change in the money stock depend on the interest sensitivity of money demand?

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