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(S − I)D would increasewhenincome rose because of easier monetary policy, whichmeans the curve would shift out.Now suppose, however, that income rose because of a change in fiscal policy –either a rise in government spending or a decline in tax rates. The same logic alsoapplies to an autonomous increase in consumption or investment. In these cases,hence a rise in income would cause the (S −I)D curve to shift in, because national savinghas diminished. Ashift in monetary policy and a shift in fiscal policy have oppositeimpacts on the NFI curve; these changes are shown in figure 13.1.One caveat at this point. We assume no changes in the rate of inflation or productivitygrowth in this diagram. However, a change in the value of the currency islikely to affect these variables, especially the rate of inflation. Under those changes,the NFI curve may not shift as indicated in this diagram, as discussed later in thischapter.
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