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How did Klein's contribution to econometrics specifically affect economic policies?
By improving their analysis
By making them more restrictive
By leading to policy deregulation
No effect
Answer
Klein's contribution to econometrics specifically affected economic policies by improving their analysis. This is because he developed new methods for analyzing economic data, which allowed policymakers to make more informed decisions. For example, Klein's work on econometric forecasting helped policymakers to better predict the effects of economic policies, and his work on econometric simulation helped them to better understand the complex interactions of the economy.
Mastering Macro: The Legacy of Lawrence Klein
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