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7. Consider two countries: Japan and Korea. In 1996 Japan experienced relatively slow out- put growth (l %), while Korea had relatively robust output
7. Consider two countries: Japan and Korea. In 1996 Japan experienced relatively slow out- put growth (l %), while Korea had relatively robust output growth (6%). Suppose the Bank of Japan allowed the money supply to grow by 2% each year, while the Bank of Korea chose to maintain relatively high money growth of 12% per year.
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