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It is one type of output gap, the other being a recessionary gap.
If this gap is positive, it is known as recessionary gap.
In the basic Keynesian model, to close a recessionary gap of $5 billion dollars government purchases must be:
A short-run equilibrium with an recessionary gap implies that:
In the basic Keynesian model where the marginal propensity to consume is 0.5, to offset a recessionary gap resulting from a $1 billion decrease in autonomous consumption, taxes must be: