#4: Money, Credit and AD-SAS (10 points): What is the chain of events through which a sale of bonds by the federal reserve changes bank re- serves, the supply of credit, loans, interest rates, aggregate expenditures, and aggregate demand? Label axes and show this in the charts below using upward sloping SAS with fixed Label start- ing values on axes with 1 subscript and new values with 2 subscript: Credit Market AS-AD 1 | As a result of the sale of bonds by the Fed what happens to Y and P compared to what they would have been without the sale? #4: Money, Credit and AD-SAS (10 points): What is the chain of events through which a sale of bonds by the federal reserve changes bank re- serves, the supply of credit, loans, interest rates, aggregate expenditures, and aggregate demand? Label axes and show this in the charts below using upward sloping SAS with fixed Label start- ing values on axes with 1 subscript and new values with 2 subscript: Credit Market AS-AD 1 | As a result of the sale of bonds by the Fed what happens to Y and P compared to what they would have been without the sale