The emitter resistor RE is used to enhance the stability of the DC bias with respect to variations in the transistor parameters, and if it is not shorted out to AC signals it can have an effect on the AC gain. So let's now remove the bypass capacitor CE, and reconsider the above analysis.
The main change is that re gets replaced by re+RE, and gets replaced by .
So the gains become
It can be seen that the bypass capacitor has a very significant effect on gain.
Intermediate situations are possible with RE split into two RE1+RE2, with only one of these bypased, see Hardware Lab 6.
ANU Engineering - ENGN2211