Which of the following statements is INCORRECT?

Select one:

a.

When the Reserve Bank of New Zealand wants to increase employment, it will lower the Official Cash Rate.

b.

None of the given statements is incorrect.

c.

Future OCR guidance constitutes the monetary policy in New Zealand.

d.

An expansionary fiscal policy could lead to more borrowing by the government.

e.

Crowding out effects will be larger when the quantity demanded of loanable funds is more responsive to the change in the interest rate.