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Problem 4: (15 points) 1. Assume that the economy is in a liquidity trap. Is there a crowding out effect for an expansionary scal policy

Problem 4: (15 points) 1. Assume that the economy is in a liquidity trap. Is there a crowding out effect for an expansionary scal policy in this case? Explain. (5 points) 2. Use the IS-LM model to explain your answer graphically. (10 points)

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