Though this assignment is in retrospect, I want you to think about what is happening now.Think about the policies that are being implemented and how they differ from what was done in 2007-2009.Will it take as long to recover from the economic downturn the Coronavirus has caused?

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression. The recession began in December 2007. Interest rates at the time were very low, close to zero. Despite the American Recovery and Reinvestment Act of 2009, a nearly $800 billion fiscal stimulus and an expansionary monetary policy, the economy did not get back to normal until 2015.

In retrospect, what set of macro policies, if anything, should we have conducted to achieve a better recovery? Show using the AD/AS model and explain your reasoning.