whether money is effective or not. According to the transmission mechanism of money, a. For constant output, if the real money supply exceeds the real quantity of money demanded, what will happen to the real interest rate that clears the asset market? (In describing the adjustment of the real interest rate, use the relationship that exist between the price of a non-monetary asset and the interest rate that it pays). b. Is money effective? (Does the change in nominal money supply cause real output to change?). Explain with details