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What Is the Output Gap and Why Is It Significant

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What is the output gap and why is it significant?


Definitions:

Third Republic

The republican government of France from 1870, following the defeat of Napoleon III in the Franco-Prussian War, until 1940, when France fell to German forces in World War II.

Communards

Participants in the Paris Commune, a radical socialist and revolutionary government that briefly ruled Paris in 1871.

Lower-Middle Class

A social class positioned below the upper-middle class, typically comprised of semi-professionals, skilled craftsmen, and lower-level management.

Red Shirts

Volunteers who followed the Italian patriot and general Giuseppe Garibaldi during his campaigns for the unification of Italy in the 19th century.

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