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inflation to enter the IS–LM model in a simple way. The output level is still determined by the intersection of the IS and LM curves. The LM curve may shift because of a change in monetary policy or possibly a change in inflation expectations, whereas the IS curve as in the traditional model may shift either because of a change in fiscal policy affecting government consumption or taxation, or because of shocks affecting private consumption or investment (or, in the open-economy version, net exports). Additionally, the model distinguishes between the policy interest rate determined by the central bank and the market interest rate which is decisive for firms' investment decisions, and which is equal to the policy interest rate plus a premium which may be interpreted as a risk premium or a measure of the market power or other factors influencing the business strategies of commercial banks. This premium allows for shocks in the financial sector being transmitted to the goods market and consequently affecting aggregate demand.
1594:. In the aggregate demand-aggregate supply model, each point on the aggregate demand curve is an outcome of the IS–LM model for aggregate demand Y based on a particular price level. Starting from one point on the aggregate demand curve, at a particular price level and a quantity of aggregate demand implied by the IS–LM model for that price level, if one considers a higher potential price level, in the IS–LM model the real money supply M/P will be lower and hence the LM curve will be shifted higher, leading to lower aggregate demand as measured by the horizontal location of the IS–LM intersection; hence at the higher price level the level of aggregate demand is lower, so the aggregate demand curve is negatively sloped.
1504:, which helps long-term growth. Further, if government deficits are spent on productive public investment (e.g., infrastructure or public health) that spending directly and eventually raises potential output, although not necessarily more (or less) than the lost private investment might have. The extent of any crowding out depends on the shape of the LM curve. A shift in the IS curve along a relatively flat LM curve can increase output substantially with little change in the interest rate. On the other hand, a rightward shift in the IS curve along a vertical LM curve will lead to higher interest rates, but no change in output (this case represents the "
995:"LL", not "LM"). He later presented it in "Mr. Keynes and the Classics: A Suggested Interpretation". Hicks and Alvin Hansen developed the model further in the 1930s and early 1940s, Hansen extending the earlier contribution. The model became a central tool of macroeconomic teaching for many decades. Between the 1940s and mid-1970s, it was the leading framework of macroeconomic analysis. It was particularly suited to illustrate the debate of the 1960s and 1970s between Keynesians and monetarists as to whether fiscal or monetary policy was most effective to
48:
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1523:. If the money supply is increased, that shifts the LM curve downward or to the right, lowering interest rates and raising equilibrium national income. Further, exogenous decreases in liquidity preference, perhaps due to improved transactions technologies, lead to downward shifts of the LM curve and thus increases in income and decreases in interest rates. Changes in these variables in the opposite direction shift the LM curve in the opposite direction.
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names. Olivier
Blanchard in his textbook uses the term IS–LM–PC model (PC standing for Phillips curve). Others, among them Carlin and Soskice, refer to it as the "three-equation New Keynesian model", the three equations being an IS relation, often augmented with a term that allows for expectations influencing demand, a monetary policy (interest) rule and a short-run Phillips curve.
819:
949:. Between the 1940s and mid-1970s, it was the leading framework of macroeconomic analysis. Today, it is generally accepted as being imperfect and is largely absent from teaching at advanced economic levels and from macroeconomic research, but it is still an important pedagogical introductory tool in most undergraduate macroeconomics textbooks.
20:
1477:") has an effect similar to that of a lower saving rate or increased private fixed investment, increasing the amount of demand for goods at each individual interest rate. An increased deficit by the national government shifts the IS curve to the right. This raises the equilibrium interest rate (from i
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One of the basic assumptions of the IS-LM model is that the central bank targets the money supply. However, a fundamental rethinking in central bank policy took place from the early 1990s when central banks generally changed strategies towards targeting inflation rather than money growth and using an
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and
Konstantin Platonov presented a so-called IS-LM-NAC model (NAC standing for "no arbitrage condition", in casu between physical capital and financial assets), in which the long-run effect of monetary policy depends on the way in which people form beliefs. The model was an attempt to integrate the
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The fact that contemporary central banks normally do not target the money supply, as assumed by the original IS–LM model, but instead conduct their monetary policy by steering the interest rate directly, has led to increasing criticism of the traditional IS–LM setup since 2000 for being outdated and
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The IS-LM model assumes a fixed price level and consequently cannot in itself be used to analyze inflation. This was of little importance in the 1950s and early 1960s when inflation was not an important issue, but became problematic with the rising inflation levels in the late 1960s and 1970s, which
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relationship between inflation and the unemployment gap. As policymakers and economists are generally concerned about inflation levels and not actual price levels, this formulation is considered more appropriate. This variation is often referred to as a dynamic AD–AS model, but may also have other
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for money: this includes both (a) the willingness to hold cash for everyday transactions and (b) a precautionary measure (money demand in case of emergencies). Transactions demand is positively related to real GDP. As GDP is considered exogenous to the liquidity preference function, changes in GDP
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In the money market equilibrium diagram, the liquidity preference function is the willingness to hold cash. The liquidity preference function is downward sloping (i.e. the willingness to hold cash increases as the interest rate decreases). Two basic elements determine the quantity of cash balances
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independently made a similar recommendation in the same year. After 2000, this has led to various modifications to the model in many textbooks, replacing the traditional LM curve and story of the central bank influencing the interest rate level indirectly via controlling the supply of money in the
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As monetary policy since the 1980s and 1990s generally does not try to target money supply as assumed in the original IS–LM model, but instead targets interest rate levels directly, some modern versions of the model have changed the interpretation (and in some cases even the name) of the LM curve,
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In many modern textbooks, the traditional AD–AS diagram is replaced by a variation in which the variables are not output and the price level, but instead output and inflation (i.e., the change in the price level). In this case, the relation corresponding to the AS curve is normally derived from a
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In this case, the LM curve becomes horizontal at the interest rate level chosen by the central bank, allowing a simpler kind of dynamics. Also, the interest rate level measured along the vertical axis may be interpreted as either the nominal or the real interest rate, in the latter case allowing
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increases in investment spending (i.e., for reasons other than interest rates or income), in consumer spending, and in export spending by people outside the economy being modelled, as well as by exogenous decreases in spending on imports. Thus these too raise both equilibrium income and the
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in the IS-LM model. Whereas in the IS-LM model, high unemployment would be a temporary phenomenon caused by sticky wages and prices, in the IS-LM-NAC model high unemployment may be a permanent situation caused by pessimistic beliefs - a particular instance of what Keynes called
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The LM curve shows the combinations of interest rates and levels of real income for which the money market is in equilibrium. It shows where money demand equals money supply. For the LM curve, the independent variable is income and the dependent variable is the interest rate.
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of an increase in fixed investment resulting from a lower interest rate raises real GDP. This explains the downward slope of the IS curve. In summary, the IS curve shows the causation from interest rates to planned fixed investment to rising national income and output.
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confusing to students. In some textbooks, the traditional LM curve derived from an explicit money market equilibrium story consequently has been replaced by an LM curve simply showing the interest rate level determined by the central bank. Notably this is the case in
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with respect to nominal interest rates. Thus the money supply function is represented as a vertical line – money supply is a constant, independent of the interest rate, GDP, and other factors. Mathematically, the LM curve is defined by the equation
953:
presenting it instead simply as a horizontal line showing the central bank's choice of interest rate. This allows for a simpler dynamic adjustment and supposedly reflects the behaviour of actual contemporary central banks more closely.
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in the real and monetary sectors (though not necessarily in other sectors, such as labor markets): both the product market and the money market are in equilibrium. This equilibrium yields a unique combination of the interest rate and
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interest rate rule to achieve their goal. As central banks started paying little attention to the money supply when deciding on their policy, this model feature became increasingly unrealistic and sometimes confusing to students.
930:. Hence, the model can be used as a tool to suggest potential levels for appropriate stabilisation policies. It is also used as a building block for the demand side of the economy in more comprehensive models like the
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for money: this is the willingness to hold cash instead of securities as an asset for investment purposes. Speculative demand is inversely related to the interest rate. As the interest rate rises, the
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model, replacing the positively sloped LM curve with a horizontal MP curve (where MP stands for "monetary policy"). He advocated that it had several advantages compared to the traditional IS-LM model.
1587:. The addition of a supply relation enables the model to be used for both short- and medium-run analyses of the economy, or to use a different terminology: classical and Keynesian analyses.
1609:, the corresponding model combining a traditional IS-LM setup with a relation for a changing price level is named an IS-LM-FE model (FE standing for "full equilibrium").
1114:. Every level of the real interest rate will generate a certain level of investment and spending: lower interest rates encourage higher investment and more spending. The
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Today, the IS-LM model is largely absent from macroeconomic research, but it is still a backbone conceptual introductory tool in many macroeconomics textbooks.
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An increase in GDP shifts the liquidity preference function rightward and hence increases the interest rate. Thus the LM function is positively sloped.
1333:) represents net exports (exports minus imports) decreasing as a function of income (decreasing because imports are an increasing function of income).
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Money supply is determined by central bank decisions and willingness of commercial banks to loan money. Money supply in effect is perfectly
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equilibrium interest rate. Of course, changes in these variables in the opposite direction shift the IS curve in the opposite direction.
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906:" where supposed simultaneous equilibria occur in both the goods and the money markets. The IS–LM model shows the importance of various
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The IS curve also represents the equilibria where total private investment equals total saving, with saving equal to consumer saving
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money market to a more realistic one of the central bank determining the policy interest rate as an exogenous variable directly.
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of holding money rather than investing in securities increases. So, as interest rates rise, speculative demand for money falls.
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is taken into consideration. In addition, the model is often used as a sub-model of larger models which allow for a flexible
1650:. The model was part of a broader research agenda studying how beliefs may independently influence macroeconomic outcomes.
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The IS curve moves to the right, causing higher interest rates (i) and expansion in the "real" economy (real GDP, or Y)
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999:. Later, this issue faded from focus and came to play only a modest role in discussions of short-run fluctuations.
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which is used as a pedagogical tool in macroeconomic teaching. The IS–LM model shows the relationship between
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being the real demand for money, which is some function of the interest rate and the level of real income.
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2633:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. pp. 283–334.
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The IS curve shows the causation from interest rates to planned investment to national income and output.
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foreign saving (the trade surplus). The level of real GDP (Y) is determined along this line for each
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991:. Hicks, who had seen a draft of Harrod's paper, invented the IS–LM model (originally using the
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Keynesians argue spending may actually "crowd in" (encourage) private fixed investment via the
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1999:(Third ed.). Oxford, United Kingdom New York, NY: Oxford University Press. p. 606.
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An
Eponymous Dictionary of Economics: A Guide to Laws and Theorems Named after Economists
2351:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning.
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have outlined approaches where the LM curve is replaced with a real interest rate rule.
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IS curve represented by equilibrium in the capital market and
Keynesian cross diagram.
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Smith, Warren L. (1956). "A Graphical
Exposition of the Complete Keynesian System".
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represents consumer spending increasing as a function of disposable income (income,
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Similar models, though called sligthly different names, appear in the textbooks by
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represents business investment decreasing as a function of the real interest rate,
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Hicks, J. R. (1937). "Mr. Keynes and the 'Classics': A Suggested
Interpretation".
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2744:. Recent Economic Thought. Vol. 73. Springer Science & Business Media.
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A main example of this is the
Aggregate Demand-Aggregate Supply model – the
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611:
242:
127:
82:
2777:– An explanation of the model and its role in understanding macroeconomics.
2774:
2167:"Teaching post-intermediate macroeconomics with a dynamic 3-equation model"
1575:
By itself, the traditional IS–LM model is used to study the short run when
818:
3305:
2668:
2228:
de Araujo, Pedro; O’Sullivan, Roisin; Simpson, Nicole B. (January 2013).
1892:
1045:
1039:
The point where the IS and LM schedules intersect represents a short-run
2437:
2315:
2283:
1938:
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2562:
2521:(Eighth, global ed.). Harlow, England: Pearson. pp. 107–126.
1764:
1727:
1512:
2130:"What do we teach in Macroeconomics? Evidence of a Theoretical Divide"
2539:(1937). "Mr. Keynes and the 'Classics': A Suggested Interpretation".
1222:{\displaystyle Y=C\left({Y}-{T(Y)}\right)+I\left({r}\right)+G+NX(Y),}
2699:
2554:
1756:
1719:
1019:
in 2000 suggested replacing the traditional IS-LM framework with an
1076:
1055:
410:
186:
1741:
Meade, J. E. (1937). "A Simplified Model of Mr. Keynes' System".
918:) on output and consequently offers an explanation of changes in
2798:
1997:
Introducing advanced macroeconomics: growth and business cycles
19:
1971:(Fifth ed.). New York, NY: McGraw-Hill. p. 262-264.
2791:– An online, interactive IS–LM model of the Canadian economy.
2794:
1995:
Sørensen, Peter Birch; Whitta-Jacobsen, Hans Jørgen (2022).
16:
Macroeconomic model relating interest rates and asset market
2165:
Davis, Leila E.; Gómez-Ramírez, Leopoldo (2 October 2022).
2410:"Reinventing IS-LM: The IS-LM-NAC model and how to use it"
1075:
is the level of income. The IS curve is drawn as downward-
2721:
The IS-LM model: Its Rise, Fall, and
Strange Persistence
2517:(2021). "Goods and Financial Markets: The IS-LM Model".
2372:
Acemoglu, Daron; David I. Laibson; John A. List (2018).
1923:"Teaching Modern Macroeconomics at the Principles Level"
1613:
AD-AS-like models with inflation instead of price levels
2230:"What Should be Taught in Intermediate Macroeconomics?"
2128:
Courtoy, François; De Vroey, Michel; Turati, Riccardo.
1087:) on the horizontal axis. The IS curve represents the
1083:
on the vertical axis and GDP (gross domestic product:
961:
The IS–LM model was introduced at a conference of the
2284:"Intermediate Macroeconomics without the IS-LM Model"
2107:(Eleventh ed.). Boston: Pearson Addison Wesley.
1791:(Eighth, global ed.). Harlow, England: Pearson.
1387:
1298:
1242:
1131:
3812:
3454:
3188:
2937:
2902:
2832:
1003:led to extensions of the model to also incorporate
2738:Young, Warren; Zilberfarb, Ben-Zion, eds. (2000).
1813:
1563:project. Parallelly, texts by Akira Weerapana and
1511:Rightward shifts of the IS curve also result from
1430:, where the supply of money is represented as the
1422:
1313:
1292:), which themselves depend positively on income),
1272:
1221:
988:General Theory of Employment, Interest, and Money
2784:– A basic explanation of the model and its uses.
1841:Bentolila, Samuel (2005). "Hicks–Hansen model".
1527:IS–LM model with interest targeting central bank
2653:"Keynesian Macroeconomics without the LM Curve"
2489:"The Keynesian Theory of Business Fluctuations"
1877:"Keynesian Macroeconomics without the LM Curve"
2077:"The Macroeconomist as Scientist and Engineer"
2810:
843:
8:
2025:"The Strange Persistence of the IS-LM Model"
1536:'s widely-used intermediate-level textbook "
1519:The IS–LM model also allows for the role of
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1597:In the 2018 textbook "Macroeconomics" by
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1241:
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2160:
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1122:The IS curve is defined by the equation
18:
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1868:
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1864:
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1693:
1106:government saving (the budget surplus)
38:
2376:(Second ed.). New York: Pearson.
1469:One hypothesis is that a government's
1007:in some form, e.g. in the form of the
965:held in Oxford during September 1936.
160:Measures of national income and output
1990:
1988:
1345:The money market equilibrium diagram.
1067:For the investment–saving curve, the
7:
2438:"Animal spirits in a monetary model"
1325:represents government spending, and
945:as a mathematical representation of
1442:(as opposed to the nominal amount
941:in 1937 and was later extended by
14:
2723:. Durham: Duke University Press.
2629:(2022). "Aggregate Demand I+II".
2495:. New York: John Wiley. pp.
2347:Mankiw, Nicholas Gregory (2022).
2288:The Journal of Economic Education
2234:The Journal of Economic Education
2171:The Journal of Economic Education
1540:" since its 7th edition in 2017.
3340:neoclassical–Keynesian synthesis
2657:Journal of Economic Perspectives
2459:10.1016/j.euroecorev.2019.02.005
1881:Journal of Economic Perspectives
1571:Incorporation into larger models
977:all presented papers describing
817:
805:
46:
2741:IS-LM and Modern Macroeconomics
2436:; Platonov, Konstantin (2019).
2075:Mankiw, N. Gregory (May 2006).
2054:10.1215/00182702-36-suppl_1-305
2607:. Oxford: Blackwell. pp.
2038:(Annual Supplement): 305–322.
1417:
1405:
1308:
1302:
1267:
1264:
1258:
1246:
1213:
1207:
1164:
1158:
947:Keynesian macroeconomic theory
765:Publications in macroeconomics
1:
3276:Critique of political economy
2775:There's something about macro
2183:10.1080/00220485.2022.2111385
1485:) and national income (from Y
1071:is the interest rate and the
902:" (LM) curves illustrates a "
2246:10.1080/00220485.2013.740399
2032:History of Political Economy
1921:Taylor, John B. (May 2000).
1579:are fixed or sticky, and no
1052:IS (investment–saving) curve
2605:Modern Macroeconomic Theory
2597:"What is Wrong with IS/LM?"
1875:Romer, David (1 May 2000).
1787:Blanchard, Olivier (2021).
937:The model was developed by
886:. The intersection of the "
3939:
3913:General equilibrium theory
3414:Real business-cycle theory
1744:Review of Economic Studies
1423:{\displaystyle M/P=L(i,Y)}
1337:LM (liquidity-money) curve
910:(including the effects of
516:New neoclassical synthesis
499:Real business-cycle theory
3854:
2750:10.1007/978-94-010-0644-6
2687:Southern Economic Journal
2300:10.1080/00220480309595219
2282:Weerapana, Akila (2003).
1820:. New York: McGraw Hill.
1273:{\displaystyle C(Y-T(Y))}
3923:1937 in economic history
2627:Mankiw, Nicholas Gregory
2446:European Economic Review
1927:American Economic Review
981:attempting to summarize
870:, is a two-dimensional
521:Saltwater and freshwater
3054:Industrial organization
2884:Computational economics
1969:Advanced macroeconomics
1079:with the interest rate
449:International economics
374:Overlapping generations
3259:Modern monetary theory
2924:Experimental economics
2894:Pluralism in economics
2879:Mathematical economics
1812:Hansen, A. H. (1953).
1424:
1346:
1315:
1274:
1223:
1091:where total spending (
1061:
922:in the short run when
882:in the short run in a
792:Mathematical economics
543:Modern monetary theory
306:Universal basic income
24:
1967:Romer, David (2019).
1671:Mundell–Fleming model
1425:
1344:
1316:
1275:
1224:
1059:
997:stabilize the economy
632:Wesley Clair Mitchell
607:Thomas Robert Malthus
444:Development economics
22:
3133:Social choice theory
2889:Behavioral economics
2669:10.1257/jep.14.2.149
1893:10.1257/jep.14.2.149
1385:
1314:{\displaystyle I(r)}
1296:
1240:
1129:
1069:independent variable
896:liquidity preference
369:Ramsey–Cass–Koopmans
209:Liquidity preference
3918:Keynesian economics
3217:American (National)
2917:Economic statistics
2601:Fitoussi, Jean-Paul
2434:Farmer, Roger E. A.
2406:Farmer, Roger E. A.
1939:10.1257/aer.90.2.90
1359:Transactions demand
1236:represents income,
983:John Maynard Keynes
979:mathematical models
963:Econometric Society
904:general equilibrium
872:macroeconomic model
824:Business portal
760:Macroeconomic model
637:John Maynard Keynes
434:Economic statistics
379:General equilibrium
2715:Vroey, Michel de;
2593:Leijonhufvud, Axel
2579:The New York Times
2515:Blanchard, Olivier
2137:sites.uclouvain.be
1643:secular stagnation
1565:Stephen Williamson
1502:accelerator effect
1420:
1366:Speculative demand
1347:
1311:
1270:
1219:
1073:dependent variable
1062:
868:Hicks–Hansen model
712:Edward C. Prescott
439:Monetary economics
25:
3890:
3889:
3421:New institutional
2759:978-0-7923-7966-9
2730:978-0-8223-6631-7
2640:978-1-319-26390-4
2618:978-0-631-13158-8
2528:978-0-134-89789-9
2506:978-0-471-87407-2
2383:978-0-13-449205-6
2358:978-1-319-26390-4
2101:Gordon, Robert J.
2006:978-0-19-885049-6
1978:978-1-260-18521-8
1852:978-1-84376-029-0
1816:A Guide to Keynes
1798:978-0-134-89789-9
1534:Olivier Blanchard
1450:representing the
1116:multiplier effect
1093:consumer spending
860:
859:
787:Political economy
742:N. Gregory Mankiw
732:Thomas J. Sargent
577:Market monetarism
391:Endogenous growth
221:National accounts
3930:
3908:Economics models
3903:Economics curves
3094:Natural resource
2929:Economic history
2867:Mechanism design
2819:
2812:
2805:
2796:
2787:Wiens, Elmer G.
2763:
2734:
2717:Hoover, Kevin D.
2711:
2680:
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2622:
2588:
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2585:
2566:
2532:
2510:
2485:Barro, Robert J.
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1958:
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1911:
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1872:
1857:
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1845:. Edward Elgar.
1838:
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1784:
1769:
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1701:
1676:National savings
1495:aggregate demand
1471:deficit spending
1429:
1427:
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1370:opportunity cost
1362:shift the curve.
1320:
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1228:
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1005:aggregate supply
852:
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838:
822:
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812:Money portal
810:
809:
808:
722:William Nordhaus
707:Robert Lucas Jr.
597:François Quesnay
233:Nominal rigidity
204:Demand for money
182:Microfoundations
118:Financial crisis
98:Effective demand
68:Aggregate supply
63:Aggregate demand
50:
27:
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3883:Business portal
3850:
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3572:von Böhm-Bawerk
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3459:
3450:
3222:Ancient thought
3200:
3199:
3193:
3184:
3183:
3182:
2933:
2898:
2862:Contract theory
2847:Decision theory
2828:
2823:
2780:Krugman, Paul.
2773:Krugman, Paul.
2770:
2760:
2737:
2731:
2719:, eds. (2004).
2714:
2700:10.2307/1053551
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2045:10.1.1.692.6446
2027:
2021:Colander, David
2019:
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1703:
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1661:Keynesian cross
1656:
1634:
1632:IS-LM-NAC model
1629:
1615:
1573:
1529:
1521:monetary policy
1492:
1488:
1484:
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1284:, minus taxes,
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920:national income
912:monetary policy
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727:Joseph Stiglitz
687:Milton Friedman
667:Friedrich Hayek
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3286:Disequilibrium
3283:
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2874:Macroeconomics
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2842:Microeconomics
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2769:
2768:External links
2766:
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2764:
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2694:(2): 115–125.
2681:
2663:(2): 149–170.
2645:
2639:
2631:Macroeconomics
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2589:
2573:(2011-10-09).
2567:
2549:(2): 147–159.
2533:
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2519:Macroeconomics
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2493:Macroeconomics
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2472:
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2408:(2016-09-02).
2397:
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2374:Macroeconomics
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2349:Macroeconomics
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2294:(3): 241–262.
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2105:Macroeconomics
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1789:Macroeconomics
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1648:animal spirits
1641:phenomenon of
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1620:Phillips curve
1614:
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1599:Daron Acemoglu
1572:
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3467:de Mandeville
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3032:
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3027:
3025:
3022:
3020:
3017:
3015:
3014:Expeditionary
3012:
3010:
3007:
3005:
3004:Environmental
3002:
3000:
2997:
2995:
2992:
2990:
2987:
2985:
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2980:
2977:
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2972:
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2628:
2624:
2620:
2614:
2610:
2606:
2602:
2598:
2594:
2590:
2580:
2576:
2575:"IS-LMentary"
2572:
2571:Krugman, Paul
2568:
2564:
2560:
2556:
2552:
2548:
2544:
2543:
2538:
2534:
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2309:
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2278:
2275:
2263:
2259:
2255:
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2224:
2222:
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2216:
2212:
2200:
2196:
2192:
2188:
2184:
2180:
2176:
2172:
2168:
2161:
2159:
2157:
2155:
2151:
2138:
2131:
2124:
2121:
2116:
2114:9780321552075
2110:
2106:
2102:
2096:
2093:
2078:
2071:
2068:
2063:
2059:
2055:
2051:
2046:
2041:
2037:
2033:
2026:
2022:
2016:
2013:
2008:
2002:
1998:
1991:
1989:
1985:
1980:
1974:
1970:
1963:
1960:
1948:
1944:
1940:
1936:
1932:
1928:
1924:
1917:
1914:
1902:
1898:
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1837:
1834:
1829:
1827:9780070260467
1823:
1818:
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1808:
1805:
1800:
1794:
1790:
1783:
1781:
1779:
1777:
1775:
1771:
1766:
1762:
1758:
1754:
1751:(2): 98–107.
1750:
1746:
1745:
1737:
1734:
1729:
1725:
1721:
1717:
1713:
1709:
1708:
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1626:
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1612:
1610:
1608:
1604:
1603:David Laibson
1600:
1595:
1593:
1588:
1586:
1582:
1578:
1570:
1568:
1566:
1562:
1558:
1557:David Soskice
1554:
1550:
1549:Charles Jones
1545:
1541:
1539:
1535:
1526:
1524:
1522:
1517:
1514:
1509:
1507:
1506:Treasury view
1503:
1498:
1496:
1476:
1475:fiscal policy
1472:
1464:
1462:
1459:
1457:
1453:
1449:
1445:
1441:
1437:
1433:
1414:
1411:
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1399:
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1371:
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1210:
1204:
1201:
1198:
1195:
1192:
1188:
1184:
1180:
1176:
1173:
1169:
1161:
1155:
1151:
1147:
1142:
1138:
1135:
1132:
1125:
1124:
1123:
1120:
1117:
1113:
1112:interest rate
1109:
1105:
1100:
1098:
1094:
1090:
1086:
1082:
1078:
1074:
1070:
1065:
1058:
1051:
1049:
1047:
1042:
1034:
1032:
1029:
1026:
1022:
1018:
1012:
1010:
1006:
1000:
998:
994:
990:
989:
984:
980:
976:
972:
971:John R. Hicks
968:
964:
956:
954:
950:
948:
944:
940:
935:
933:
929:
926:are fixed or
925:
921:
917:
916:fiscal policy
913:
909:
908:demand shocks
905:
901:
897:
893:
889:
885:
881:
877:
873:
869:
865:
853:
848:
846:
841:
839:
834:
833:
831:
830:
825:
820:
815:
813:
803:
802:
801:
800:
793:
790:
788:
785:
783:
780:
776:
773:
772:
771:
768:
766:
763:
761:
758:
757:
751:
750:
743:
740:
738:
735:
733:
730:
728:
725:
723:
720:
718:
717:Peter Diamond
715:
713:
710:
708:
705:
703:
702:Edmund Phelps
700:
698:
695:
693:
690:
688:
685:
683:
680:
678:
677:Richard Stone
675:
673:
670:
668:
665:
663:
662:Joan Robinson
660:
658:
657:Simon Kuznets
655:
653:
652:Gunnar Myrdal
650:
648:
645:
643:
640:
638:
635:
633:
630:
628:
627:Irving Fisher
625:
623:
622:Knut Wicksell
620:
618:
615:
613:
610:
608:
605:
603:
600:
598:
595:
594:
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541:
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531:
530:
529:
528:
522:
519:
517:
514:
512:
509:
507:
504:
500:
497:
496:
495:
494:New classical
492:
490:
487:
483:
480:
478:
475:
474:
473:
470:
469:
468:
463:
458:
457:
450:
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432:
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284:
283:
277:
276:
269:
266:
264:
261:
259:
256:
254:
251:
249:
248:Shrinkflation
246:
244:
241:
239:
236:
234:
231:
227:
224:
223:
222:
219:
217:
214:
210:
207:
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197:
193:
190:
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188:
185:
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180:
176:
173:
171:
168:
166:
163:
162:
161:
158:
156:
153:
151:
148:
146:
145:Interest rate
143:
139:
136:
134:
131:
130:
129:
126:
124:
121:
119:
116:
112:
109:
107:
104:
103:
102:Expectations
101:
99:
96:
94:
91:
89:
86:
84:
81:
79:
76:
74:
71:
69:
66:
64:
61:
60:
54:
53:
49:
45:
44:
41:
37:
33:
29:
28:
21:
3878:Publications
3834:Publications
3801:
3397:Neoclassical
3387:Mercantilism
3296:Evolutionary
3158:Sociological
3131: /
3029:Geographical
3009:Evolutionary
2984:Digitization
2949:Agricultural
2912:Econometrics
2852:Price theory
2740:
2720:
2691:
2685:
2660:
2656:
2649:Romer, David
2630:
2604:
2582:. Retrieved
2578:
2546:
2542:Econometrica
2540:
2537:Hicks, J. R.
2518:
2492:
2450:
2444:
2428:
2417:. Retrieved
2413:
2400:
2373:
2367:
2348:
2327:. Retrieved
2291:
2287:
2277:
2265:. Retrieved
2240:(1): 74–90.
2237:
2233:
2202:. Retrieved
2174:
2170:
2141:. Retrieved
2136:
2123:
2104:
2095:
2084:. Retrieved
2082:. p. 19
2070:
2035:
2031:
2015:
1996:
1968:
1962:
1950:. Retrieved
1933:(2): 90–94.
1930:
1926:
1916:
1904:. Retrieved
1884:
1880:
1842:
1836:
1815:
1807:
1788:
1748:
1742:
1736:
1711:
1707:Econometrica
1705:
1638:Roger Farmer
1635:
1616:
1607:John A. List
1596:
1589:
1574:
1553:Wendy Carlin
1546:
1542:
1537:
1530:
1518:
1510:
1499:
1468:
1460:
1455:
1447:
1443:
1439:
1435:
1375:
1352:
1348:
1330:
1326:
1322:
1289:
1285:
1281:
1233:
1231:
1121:
1107:
1103:
1101:
1096:
1084:
1080:
1066:
1063:
1038:
1030:
1013:
1001:
993:abbreviation
986:
960:
951:
943:Alvin Hansen
936:
900:money supply
894:" (IS) and "
867:
863:
861:
737:Paul Krugman
682:Hyman Minsky
642:Alvin Hansen
526:
525:
466:
429:Econometrics
406:Overshooting
359:Harrod–Domar
354:Arrow–Debreu
323:
301:Central bank
268:Unemployment
258:Supply shock
216:Money supply
93:Disinflation
88:Demand shock
3672:von Neumann
3441:Supply-side
3426:Physiocracy
3370:Marginalism
3059:Information
2999:Engineering
2979:Development
2974:Demographic
2857:Game theory
2834:Theoretical
2789:IS–LM model
2782:IS-LMentary
2329:18 November
2267:17 November
2204:17 November
2143:17 November
2139:. UCLouvain
1952:18 November
1666:AD–IA model
1592:AD–AS model
1585:price level
1452:price level
1099:, or GDP).
1041:equilibrium
1017:David Romer
1009:AD–AS model
975:James Meade
932:AD–AS model
864:IS–LM model
617:Léon Walras
511:Supply-side
344:Accelerator
253:Stagflation
238:Price level
133:Demand-pull
3897:Categories
3829:Economists
3702:Schumacher
3607:Schumpeter
3577:von Wieser
3497:von Thünen
3457:Economists
3356:Circuitism
3321:Humanistic
3316:Historical
3291:Ecological
3281:Democratic
3254:Chartalism
3244:Behavioral
3207:Mainstream
3168:Statistics
3163:Solidarity
3084:Managerial
3049:Humanistic
3044:Historical
2989:Ecological
2954:Behavioral
2584:2020-10-01
2419:2020-10-01
2086:2014-11-17
1906:9 November
1688:References
1681:Policy mix
1627:Variations
1354:demanded:
967:Roy Harrod
939:John Hicks
888:investment
672:John Hicks
602:Adam Smith
560:Circuitism
550:Ecological
538:Chartalism
489:Monetarism
467:Mainstream
364:Solow–Swan
339:Multiplier
296:Commercial
192:Endogenous
150:Investment
3747:Greenspan
3712:Samuelson
3692:Galbraith
3662:Tinbergen
3602:von Mises
3597:Heckscher
3557:Edgeworth
3436:Stockholm
3431:Socialist
3331:Keynesian
3311:Happiness
3271:Classical
3232:Mutualism
3227:Anarchist
3212:Heterodox
3109:Personnel
3069:Knowledge
3034:Happiness
3024:Financial
2994:Education
2969:Democracy
2904:Empirical
2826:Economics
2677:0895-3309
2453:: 60–77.
2392:956396690
2324:144412209
2308:0022-0485
2254:0022-0485
2199:252249958
2191:0022-0485
2040:CiteSeerX
1947:0002-8282
1901:0895-3309
1636:In 2016,
1581:inflation
1561:CORE Econ
1513:exogenous
1378:inelastic
1253:−
1152:−
1035:Formation
770:Economics
612:Karl Marx
527:Heterodox
506:Stockholm
472:Keynesian
243:Recession
138:Cost-push
128:Inflation
83:Deflation
3858:Category
3838:journals
3824:Glossary
3777:Stiglitz
3742:Rothbard
3722:Buchanan
3707:Friedman
3697:Koopmans
3687:Leontief
3667:Robinson
3552:Marshall
3402:Lausanne
3306:Georgism
3301:Feminist
3249:Buddhist
3239:Austrian
3138:Regional
3114:Planning
3089:Monetary
3019:Feminist
2964:Cultural
2959:Business
2651:(2000).
2595:(1983).
2487:(1984).
2467:55928575
2316:30042548
2262:17167083
2103:(2009).
2023:(2004).
1654:See also
1559:and the
1446:), with
1046:real GDP
754:See also
533:Austrian
291:Monetary
280:Policies
111:Rational
106:Adaptive
32:a series
30:Part of
3873:Outline
3844:Schools
3836: (
3797:Piketty
3792:Krugman
3657:Kuznets
3647:Kalecki
3622:Polanyi
3512:Cournot
3507:Bastiat
3492:Ricardo
3482:Malthus
3472:Quesnay
3375:Marxian
3266:Chicago
3196:history
3191:Schools
3178:Welfare
3148:Service
2939:Applied
2708:1053551
2603:(ed.).
2563:1907242
2497:487–513
2062:6705939
1765:2967607
1728:1907242
1551:and by
1434:amount
1077:sloping
957:History
775:Applied
572:Marxian
462:Schools
3782:Thaler
3762:Ostrom
3757:Becker
3752:Sowell
3732:Baumol
3637:Myrdal
3632:Sraffa
3627:Frisch
3617:Knight
3612:Keynes
3587:Fisher
3582:Veblen
3567:Pareto
3547:Menger
3542:George
3537:Jevons
3532:Walras
3522:Gossen
3446:Thermo
3124:Public
3119:Policy
3074:Labour
3039:Health
2756:
2727:
2706:
2675:
2637:
2615:
2561:
2525:
2503:
2465:
2414:Vox EU
2390:
2380:
2355:
2322:
2314:
2306:
2260:
2252:
2197:
2189:
2111:
2060:
2042:
2003:
1975:
1945:
1899:
1849:
1824:
1795:
1763:
1726:
1577:prices
1465:Shifts
1454:, and
1232:where
973:, and
928:sticky
924:prices
892:saving
880:output
590:People
318:Models
286:Fiscal
263:Saving
123:Growth
3868:Lists
3863:Index
3814:Lists
3787:Hoppe
3772:Lucas
3737:Solow
3727:Arrow
3717:Simon
3682:Lange
3677:Hicks
3652:Röpke
3642:Hayek
3592:Pigou
3562:Clark
3477:Smith
3392:Mixed
3351:Post-
3173:Urban
3153:Socio
3143:Rural
2704:JSTOR
2609:49–90
2599:. In
2559:JSTOR
2463:S2CID
2441:(PDF)
2320:S2CID
2312:JSTOR
2258:S2CID
2195:S2CID
2133:(PDF)
2080:(PDF)
2058:S2CID
2028:(PDF)
1761:JSTOR
1724:JSTOR
1089:locus
1021:IS-MP
866:, or
411:NAIRU
329:AD–AS
324:IS–LM
187:Money
3803:more
3527:Marx
3517:Mill
3502:List
3380:Neo-
3336:Neo-
2754:ISBN
2725:ISBN
2673:ISSN
2635:ISBN
2613:ISBN
2523:ISBN
2501:ISBN
2388:OCLC
2378:ISBN
2353:ISBN
2331:2023
2304:ISSN
2269:2023
2250:ISSN
2206:2023
2187:ISSN
2145:2023
2109:ISBN
2001:ISBN
1973:ISBN
1954:2023
1943:ISSN
1908:2023
1897:ISSN
1847:ISBN
1822:ISBN
1793:ISBN
1605:and
1555:and
1508:").
1489:to Y
1481:to i
1432:real
1108:plus
1104:plus
914:and
878:and
862:The
477:Neo-
384:DSGE
78:CAGR
3767:Sen
3487:Say
3346:New
3079:Law
2746:doi
2696:doi
2665:doi
2551:doi
2455:doi
2451:115
2296:doi
2242:doi
2179:doi
2050:doi
1935:doi
1889:doi
1753:doi
1716:doi
482:New
226:SNA
175:NNI
170:GNI
165:GDP
3899::
2752:.
2702:.
2692:23
2690:.
2671:.
2661:14
2659:.
2655:.
2611:.
2577:.
2557:.
2545:.
2499:.
2491:.
2461:.
2449:.
2443:.
2412:.
2386:.
2339:^
2318:.
2310:.
2302:.
2292:34
2290:.
2286:.
2256:.
2248:.
2238:44
2236:.
2232:.
2214:^
2193:.
2185:.
2175:53
2173:.
2169:.
2153:^
2135:.
2056:.
2048:.
2036:36
2034:.
2030:.
1987:^
1941:.
1931:90
1929:.
1925:.
1895:.
1885:14
1883:.
1879:.
1861:^
1773:^
1759:.
1747:.
1722:.
1710:.
1696:^
1601:,
1497:.
1473:("
1327:NX
1048:.
985:'
969:,
934:.
34:on
3840:)
3342:)
3338:(
3198:)
3194:(
2818:e
2811:t
2804:v
2762:.
2748::
2733:.
2710:.
2698::
2679:.
2667::
2643:.
2621:.
2587:.
2565:.
2553::
2547:5
2531:.
2509:.
2469:.
2457::
2422:.
2394:.
2361:.
2333:.
2298::
2271:.
2244::
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