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Peer reviewedKyer, Ben L.; Maggs, Gary E. – Journal of Economic Education, 1995
Utilizes two-dimensional price and output graphs to demonstrate the way that the price-level elasticity of aggregate demand affects alternative monetary policy rules designed to cope with random aggregate supply shocks. Includes graphs illustrating price-level, real Gross Domestic Product (GDP), nominal GDP, and nominal money supply targeting.…
Descriptors: Business Cycles, Capitalism, Competition, Consumer Economics
