Consider two countries, A and B. In A, new technologies (e.g., mobile payment apps and cryptocurrencies) have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. Over this period, no such changes occurred in B. If the rate of money growth and the growth rate of real GDP were the same in A and B over this period, then how would the rate of inflation differ between the two countries?

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