1. For a small open economy with fixed exchange rates, what are the effects of ... a. Irrational exhuberance on the part of domestic entrepeneurs? b. Irrational exhuberance on the part of foreign entrepeneurs? c. Domestic money demand shocks? d. Money demand shocks in a large foreign economy? 2. For cases a-d in question 1, what could monetary and fiscal policy makers do about the shocks? 3. Consider the same four cases for a small open economy with flexible exchange rates. How would the effects of the initial shocks differ? How would the policy responses differ? 4. Lastly, consider the same four cases for a large open economy with flexible exchange rates. What are the effects of the initial shocks? How would the policy responses differ from those in parts 2 and 3