When an economy is a recession but is operating under a fixed exchange rate regime, the central bank cannot use an expansionary monetary to stimulate the economy because ________.[Note: Choose all the correct answer(s).]

A. an expansionary policy would necessitate a change in the cash rate and lead to changes in other interest rates and hence, the exchange rates.

B. an expansionary monetary policy has nothing to do with exchange rate movements under a fixed exchange rate regime.

C. an expansionary policy would lead to exchange rate depreciation.

D. net exports are not affected by exchange rate fluctuations under a fixed exchange rate regime.

E. an expansionary policy would have no effect on the exchange rates.