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Equilibrium in the standard macroeconomic model can be described by the equation MV = Pt[Yt*]. A nominal shock refers to an unanticipated change in whereas

Equilibrium in the standard macroeconomic model can be described by the equation MV = Pt[Yt*]. A nominal shock refers to an unanticipated change in whereas a real shock refers to an unanticipated change in O MV; P O Y*; MV OY"; P O MV; Y* 4

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