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QUESTION 5 Giventhe oil shocks of 1970s,some economists suggestan active role of monetary policy in the dynamics of the recessions. What was the role...
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QUESTION 5                                                               <br/> <br/>Given the

oil shocks of 1970s, some economists suggest an active role of monetary policy in the dynamics of the recessions. What was the role of this policy? Show the effects of both the oil shocks and the monetary policy reaction to them within the IS-LM model. Make sure you clearly label all the elements of the graph. How does the author come to this conclusion? Do you find it plausible? Explain.
 

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