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(a) Explain three monetary tools that the U.S. Federal Reserve System or any other central banks can adopt to fight for an economic recession. (15

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(a) Explain three monetary tools that the U.S. Federal Reserve System or any other central banks can adopt to fight for an economic recession. (15 marks) (b) What is the quantity theory of money? Discuss how the theory can be used to explain the variation of inflation rate of an economy. (18 marks)

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