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In 1984 and 1985, the small Latin American country of Bolivia experienced hyperinflation. Below are some key macroeconomic data from those years:

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Macroeconomic Data for Bolivia, April 1984 – October 1985

Month Money Supply Price Level (Relative to Exchange Rate (Pesos per
(Billions of Pesos) 1982 Average = 1) Dolar)

1984

April 270 21.1 3,576

May 330 31.1 3,512

June 440 32.3 3,342

July 599 34.0 3,570

August 718 39.1 7,038

September 889 53.7 13,685

October 1,194 85.5 15,205

November 1,495 112.4 18,469

December 3,296 180.9 24,515

1985

January 4,630 305.3 73,016

February 6,455 863.3 141,101

March 9,089 1,078.6 128,137

April 12,885 1,205.7 167,428

May 21,309 1,635.7 272,375

June 27,778 2,919.1 481,756

July 47,341 4,854.6 885,476

August 74,306 8,081.0 1,182,300

September 103,272 12,647.6 1,087,440

October 132,550 12,411.8 1,120,210

Do the Money supply, price level, and Exchange rate against the U.S dollar move broadly as you would expect? Explain.

Calculate the percent changes in the general price level and price of the dollar betwwen April 1984 and July 1985. How do these compare to each other and to the percent increase in the Money supply? Can you explain the results?

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