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Finally, although asymmetric indexation potentially might help explain why the economy's aggregate supply schedule might be kinked, so that asymmetries of the type documented by Cover [1992] and Kandil [1995, 1998] might arise, the extent of its ability to do so in the context of this paper's model is very limited.
Summers believes that the premise that "a downward sloping aggregate demand schedule and an upwards sloping aggregate supply schedule intersect to determine uniquely and sharply the level and of output and prices is untenable.
Comparing the Bretton Woods regime with the float, we observe that the aggregate supply schedule became steeper under the floating exchange rate but the aggregate demand schedule became more flat.

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