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List and briefly explain the steps in the transmission of monetary policy. (How do you get from the FOMC deciding to lower the target for

  1. List and briefly explain the steps in the transmission of monetary policy. (How do you get from the FOMC deciding to lower the target for the Federal Funds Rate to a change in AD?)
  2. In the summer of 2008, the price of crude oil spiked to $147 per barrel. (The earlier price was about $80.) Did this primarily affect Aggregate Supply or Aggregate Demand? What was the effect? (An increase or a decrease.) Given that, what was the expected effect on Real GDP and the Price Level?

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