Urgent! Thank you! Question Assume the economy is operating at the full-employment level of output.

Urgent!!!

Please help me solve this question within the next two hours. Thank you!

Question

Assume the economy is operating at the full-employment level of output.

The Federal Reserve decides to decrease the discount rate. Explain how each of the following is impacted as a result of the Fed's action:

Nominal interest rates

Aggregate demand

Price level

Assume the Fed's action is successful in changing the economy. Using a correctly drawn and labeled Phillips curve, show and explain how this policy will affect each of the following as the economy approaches a new equilibrium:

the Phillips curve

the natural rate of unemployment