In the NK model, monetary policy and fiscal policy have different effects. Suppose that the output is below the potential output, which of the following is true?

A.The level of real consumption will be the same under the two policies when the output gap is closed in the short run.

B.Real interest rate will be the same under the two policies when the output gap is closed in the short run.

C.Both monetary policy and fiscal policy can close the output gap in the short run.

D.An expansionary monetary policy can close the output gap in the short run, but an expansionary fiscal policy cannot.