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Explain the impact on real output of a monetary policy change that is announced to the public. Assume rational expectations.
Innovation
The creation and development of a new product or service.
Participation Error
The bias or error that can occur in research or decision-making processes when not all relevant parties are included or accurately represented.
Framing Error
The tendency to highlight certain aspects of a situation depending on whether they are positive or negative to solve a problem while ignoring other aspects.
Confirmation Bias
The tendency to seek out information that fuels our preexisting views and to discount information that conflicts with our worldview.
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