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The Interest Rate the Price Level and Aggregate Output Robert S Holbrook
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adjustment aggregate demand amount analysis assets assumed assumption billion bonds borrowing capital changes commercial banks consumption cost cyclical debt deficit demand deposits demand for money discount rate discussion economic effect equation equilibrium expansion expenditures Federal Reserve System fiscal policy free reserves Friedman full employment function funds growth impact income increase interest elasticity interest rates intermediaries inventories investment Keynes Keynesian labor market liquidity liquidity trap LM curve long-term member bank ment Milton Friedman mone monetarist monetary policy money balances money stock money supply money wages mortgage multiplier open market operations output percent period Phillips curve portfolio position price level production purchases rate of interest real wage reduce Reserve Bank reserve requirements result rise sector securities shift short-term spending stability supply of money theory tion transactions transmission mechanism Treasury unem unemployment rate variables velocity wage and price yields zero