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Assume a Keynesian IS-LM model with flexible exchange rates. Assume Australia's main trading partner is Japan. Suppose the Japan embarks on expansionary monetary policy. i.

Assume a Keynesian IS-LM model with flexible exchange rates. Assume Australia's main trading partner is Japan. Suppose the Japan embarks on expansionary monetary policy. i. What is the effect of Japanese expansionary monetary policy on Australia's real exchange rate in the short run, assuming no change in Australia's policies? [1 mark] ii. What is the effect of Japanese expansionary monetary policy on Australia's nominal exchange rate in the short run and in the long run? [1 mark]

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