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For any given level of output, the interest rate adjusts to balance the supply of, and demand for, money.
According to classical macroeconomics theory, output is determined by the supplies of capital and labor and the available production. Moreover, for any given level of output, the interest rate adjusts to balance the supply of, and demand for, loanable funds. Then, given output and the interest rate, the price level adjusts to balance the supply of, and demand for, money.
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