Olivier blanchard macroeconomics 7th edition pdf free download

Some claim that reducing spending may result in a higher debt-to-GDP ratio because government expenditure itself is a component of GDP.

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In the 1980s the key concept of using menu costs in a framework of imperfect competition to explain price stickiness was developed. The concept of a lump-sum cost (menu cost) to changing the price was originally introduced by Sheshinski and…

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