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Using IS-LM and IS-LM-PC models, discuss the relative effectiveness of an expansionary monetary policy in the short-run: (i) in a closed economy; (ii) in an

Using IS-LM and IS-LM-PC models, discuss the relative effectiveness of an expansionary monetary policy in the short-run: (i) in a closed economy; (ii) in an open economy under a flexible exchange rate regime. How does your answer change if the question is asked about the effectiveness of fiscal policy instead

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