∕3f→0
NMP
NMP
Figure 2: Employment and CBC when adverse competition effect prevails under a NMP
.—.
regime but not in a MU. For values of β < β the common CB is populist, while for values
.—.
of β > β is conservative.
Figure 3: Employment and CBC when adverse output effect prevails in both regimes. For
.—. -—.
values of β < β the common CB is populist, while for values of β > β is conservative.
21
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