Assume that the economy is initially in equilibrium. Draw all the four graphs utilized in the lecture videos to represent the New-Keynesian model. Make sure to label the axes (3 points). First, show how the expansionist monetary policy takes place in the money market (2 points). Then, show the effect on the output market. Does output increase or decrease? (2 points). How is the change in output accommodated in the labor market? What happens with employment and wages? (2 points). Would a New-Keynesian economist agree that monetary policy helps the economy to recover? Yes or no? (1 point). Briefly explain why, based on the graphs