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From 1929 to 1933:, the nominal money supply in the US. fell 25%} andthe - unemployment rate rose om 3 2% to 25.2%. At the

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From 1929 to 1933:, the nominal money supply in the US. fell 25%} andthe - unemployment rate rose om 3 2% to 25.2%. At the same time, the price level fell approximately 25%} and nominal interest rates declined continually. Are these data consistent with the hypothesis that contractionaIy monetary policy caused the Great Depression? Explain

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