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Classical dichotomy

the idea, attributed to classical/pre-Keynesian economics, that real variables (output and real interest rates) and nominal variables (money value of output and the interest rate) can be analyzed separately

Pronunciation
/ˈklæsəkəl daɪˈkɑdəmi/
/ˈklasɪkəl dʌɪˈkɒtəmi/
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