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Question 3 Refer to the February 2024 RBA Statement on Monetary Policy: https://www.rba.gov.au/publications/smp/2024/feb/overview.html Using the AD-AS model, explain the RBA assessments of what is going

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Question 3 Refer to the February 2024 RBA Statement on Monetary Policy: https://www.rba.gov.au/publications/smp/2024/feb/overview.html Using the AD-AS model, explain the RBA assessments of what is going on in the Australian economy and how the RBA sees the economy developing. Explain the rationale behind the RBA decision to increase the cash rate since May 2022 and its effect; explain the RBA assessment of the current conditions of demand, supply, and the labour market, and how the RBA expects demand, supply, and the labour market to evolve

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