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{{block type="newsletter/subscribe" template="newsletter/subscribe.phtml"}}

If you wish to redirect customers to specific page after newsletter subscription, here's how. 

Copy 

app\code\core\Mage\Newsletter\controllers\SubscriberController.php

to

app\code\local\Mage\Newsletter\controllers\SubscriberController.php

Open the created local file. Find in two places:

$this->_redirectReferer();

Change it to:

$this->_redirectUrl(Mage::getBaseUrl());

That will redirect user to the home page after newsletter subscription. If you wish to redirect to specific page, use this:

$this->_redirectUrl(Mage::getBaseUrl().'cms-page-identifier');

Thats it. Now you control the page the user is redirected after newsletter subscription in magento.