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Why are prices sticky in a short-run macroeconomic model? How does this impact the way we think about the aggregate supply curve? How does monetary

Why are prices sticky in a short-run macroeconomic model? How does this impact the way we think about the aggregate supply curve?

How does monetary policy impact the economy in the neoclassical model?

What is wrong, if anything, with each of the following statements?

i.Fiscal policy does not affect the level of output in the short run.

ii.An increase in the price level shifts the IS curve to the right.

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