1.Make a list of what the Federal Reserve (Fed) has done in response to the COVID-19 crisis using 31 March 2020 as the cut-off date.[Please do not include fiscal responses in your list]

2.Why, in your opinion, is the Fed's actions you have listed in question 1 important to mitigate the economic effects of the COVID-19 outbreak? Explain in light of the roles of the financial system to the economy.

3.Analyse the effects of the Fed's actions you have listed on the economy using the AD/AS Model. Start with the state of the economy before the COVID-19 crisis. Do you think the Fed's actions can successfully stabilize the economy?