Explain what an expansionary monetary policy (that increases the stock of money M) will do to the macroeconomy according to the following schools of thought:

Explain what an expansionary monetary policy (that increases the stock of money M) will do to the macroeconomy according to the following schools of thought:

a. the Austrian school of thought

b. the Keynesian school of thought

c. the New Classical school of thought

d. Explain how the differing assumptions between the three schools of thought lead to different conclusions about the effect of the policy.

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