Problem
Quantity Theory of Money: According to the Monetarists and Rational Expectations, explain what happens, step by step, when the Federal Reserve sells US treasury bills to US banks. Describe the impact in words and: i) Show the impact in the AD/AS graph ii) Show the impact in the Phillips curve.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.