Chat with AIExam 9: Introduction to Economic Fluctuations
Exam 1: The Science of Macroeconomics50 Questions
Exam 2: The Data of Macroeconomics108 Questions
Exam 3: National Income: Where It Comes From and Where It Goes158 Questions
Exam 4: Money and Inflation162 Questions
Exam 5: The Open Economy111 Questions
Exam 6: Unemployment103 Questions
Exam 7: Economic Growth I: Capital Accumulation and Population Growth76 Questions
Exam 8: Economic Growth II: Technology, Empirics, and Policy61 Questions
Exam 9: Introduction to Economic Fluctuations81 Questions
Exam 10: Aggregate Demand I: Building the Is-Lm Model105 Questions
Exam 11: Aggregate Demand II: Applying the Is-Lm Model59 Questions
Exam 12: Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment88 Questions
Exam 13: Stabilization Policy88 Questions
Exam 14: Government Debt and Budget Deficits84 Questions
Exam 15: Introduction to the Financial System57 Questions
Exam 16: Asset Prices and Interest Rates80 Questions
Exam 17: Securities Markets83 Questions
Exam 18: Banking85 Questions
Exam 19: Financial Crises82 Questions
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An economy is initially in long-run equilibrium. The introduction of an electronic payments system dramatically reduces the demand for money in the economy.
a. What is the short-run impact on prices and output of the new system?
b. What can the central bank do, if anything, to counteract the short-run changes in output and prices?
c. If the central bank does not take any policy actions, what will be the long-run impact of the electronic payments system on prices and output?
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