1. Under monetarists, what would the implications of a negative shock to aggregate demand in the short run and in the long run be? Explain graphically and in words. Draw the AD-AS, N^d-N^sand the short run and long run Phillips curves.
2. How would your answer differ in part (a) if we talk about Keynesians instead of Monetarists. You can explain in words without drawing any graphs.

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