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The textbook discusses the historical debate between Monetarist and Keynesians about the effectiveness of monetary policy in changing real GDP. Show the monetary transmission mechanism

The textbook discusses the historical debate between Monetarist and Keynesians about the effectiveness of monetary policy in changing real GDP. Show the monetary transmission mechanism from the Keynesian perspective. In particular, include the two conditions in which a change in the money supply would have a weak short-run effect on real GDP.

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