Suppose the European and Japanese economies succumb to a recession and reduce their demand for U.S. goods

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Suppose the European and Japanese economies succumb to a recession and reduce their demand for U.S. goods for several years. Using the AS/AD framework, explain the macroeconomic consequences of this shock, both immediately and over time.
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Macroeconomics

ISBN: 978-0393923902

3rd edition

Authors: Charles I. Jones

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