Show evidence of how the Singaporean economy was impacted by the GFC. Focusing upon the Singaporean economy, use the IS-LM model in 2 steps to address the following:

• i) First, use the IS-LM model to illustrate and discuss the impact of the GFC on interest rates and economic activity. Remember to explain any changes you have made to the curve(s) and/or any shift(s) you have shown.
• ii) Second, as a consequence of what you have shown in step i) use the IS-LM framework to illustrate and discuss the impact of policy responses from both the government and central bank to the GFC and what this means for interest rates and economic activity. Remember to explain any changes you have made to the curves and/or any shift(s) you have undertaken
• *This is the full question