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While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). The first published use of the term "macroeconomics" was by the Norwegian Economist Ragnar Frisch in 1933[2] and before this, there already was an effort to understand many of the broad elements of the field. Until the early twentieth century, the quantity theory of money dominated as the favored macroeconomic model among classical economists.[3] This theory gives the equation of exchange
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