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Fiscal Policy with a Fixed Money Supply. Fig. 17-4, p. 478
Increase in interest rate lowers the expansionary effect on AD – this is what we have called crowding out.
Milton Friedman, 1912-2006
Link to Friedman’s bio http://www.hoover.org/bios/friedman
Most prominent advocate ofa return to free market/non-governmental policies.
Influence concretized underPresident Reagan.
Also: leading ‘monetarist’ anda Nobel Prize winner.