For each of the economic changes listed in (a) and (b), assess the likely impact on the
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For each of the economic changes listed in (a) and (b), assess the likely impact on the growth rate and the level of output over the next five years (the initial impact) and over the next five decades (the long-run adjustment to the balanced-growth path).
a. A permanent reduction in the rate of technological progress.
b. A permanent reduction in the savings rate.
Related Book For
Statistics for Psychology
ISBN: 978-0205258154
6th edition
Authors: Arthur Aron, Elaine N. Aron, Elliot J. Coups
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