2. Consider Figure 47-4.

a. If the Federal Reserve had pursued a monetarist policy of a constant rate of growth in the money supply, what would have happened to output beginning in 2008 according to the velocity equation?

b. In fact, the Federal Reserve accelerated the rate of growth in M1 rapidly beginning in 2008, partly in order to counteract a large increase in unemployment. Would a monetarist have agreed with this policy? What limits are there, according to a monetarist point of view, to changing the unemployment rate?