But by 1975, there was a large fall in real GNP which, in turn, reduced the demand for real money.

但是，在1975年，实际GNP却有了大幅下降，这减少了实际货币需求。

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Because real GNP fell only slightly in 1974, the demand curve for real money shifted only slightly to the left.

由于实际GNP在1974年仅仅轻微下滑，实际货币需求曲线仅仅微小幅度左移。

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The much higher price level reduced the quantity of real money supplied by considerably more than the lower real GNP decreased the demand for real money.

高水平物价带来的实际货币供给的下降幅度大大超过降低的GNP带来的实际货币需求下降。

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Under the alternative fiscal scenario, real GNP would be 2 percent to 6 percent lower in 2025, and 7 percent to 18 percent lower in 2035, than under a stable economic environment.

FORBES: CBO Updates its Report on the Looming Debt Crisis

Taking those effects into account, CBO estimates that under the extended-baseline scenario, real (inflation-adjusted) gross national product (GNP) would be reduced slightly by 2025 and by as much as 2 percent by 2035, compared with what it would be under the stable economic environment that underlies most of the projections in this report.

FORBES: CBO Updates its Report on the Looming Debt Crisis