For each of the following scenarios, define the effects on the nominal interest rate if the Fed takes the following monetary policy actions:

a$.$ The Fed lowers the discount rate and increases discount lending.

Nominal interest rates will

b$.$ The Fed increases the reserve requirement for commercial banks.

Nominal interest rates will $|$

c$.$ The Fed conducts open market sales of government bonds to the public.

Nominal interest rates will

d$.$ The fed decreases the reserve requirement for commercial banks.

Nominal interest rates will