[We learned in class that monetary policy works mainly through the Aggregate Demand side of the economy in the short run. Show using relevant diagrams, how the decision by the MAS to implement a counteracting monetary policy when the economy is entering a recession is transmitted to ultimately impact Aggregate Demand and help stabilise the business cycle. Also show the impact this policy may have on the exchange rate (2 marks). Discuss the effectiveness of monetary policy in counteracting a recession. In your answer address the benefits and limitations associated with monetary policy for an open economy such as Singapore.