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Please draw the curves for the questions, please give me the answer ASAP. Thanks so much! 3. (4 points) Suppose the economy is in a

Please draw the curves for the questions, please give me the answer ASAP. Thanks so much!

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3. (4 points) Suppose the economy is in a recession at the zero lower bound of federal tund rates. Consider quantitative easing in the form of the central bank's open market purchases of long-term government bonds. a. Display the AD-AS model to demonstrate the effect of quantitative easing when the policy is a temporary policy. Explain both short-run and long-run effects of the policy on inflation and output. b. Display the short-run and long-run Phillips curves that are consistent with your answer in Part (a). Explain your reasoning. c. Display the AD-AS model to demonstrate the effect of quantitative easing when \"the policy is a permanent policy. Explain both short-run and long-run effects of the policy on inflation and output. d. Display the short-run and long-run Phillips curves that are consistent with your answer in Part (c). Explain your reasoning

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