In March, Federal Reserve cut the rates to zero and announced an unlimited QE (Quantitative Easing).

a) Briefly explain how the above monetary policy will affect output, price level (or inflation), and unemployment in short-run.

b) Briefly explain how the above monetary policy will affect output, price level (or inflation), and unemployment in long-run.

c) Based on growth theories your learned, briefly explain whether this monetary policy will help economy grow.

d) Briefly explain how the above monetary policy affect AD, short-run AS, and long-run AS.