On May 5, 2022, the Federal Open Market Committee (FOMC) voted to decrease the quantity of money in the economy. (a) (3 points) Briefly explain who are the members of the FOMC. What is the main role of this committee? (b) (2 points) Briefly explain how can the Fed implement the decision of decreasing the quantity of money in the economy. (c) (3 points) Using the quantity theory of money, show graphically the long-run effects of a decrease in the quantity of money. Indicate what happens with the value of money and the aggregate price level. (Hint: does the money supply change? Does the money demand change?) (d) (2 points) Using the quantity equation, explain the long-run effects of the FOMC's decision of decreasing the quantity of money. Are these results consistent with your previous answer" (a) (3 points) Briefly explain who are the members of the FOMC. What is the main role of this committee? (b) (2 points) Briefly explain how can the Fed implement the decision of decreasing the quantity of money in the economy. (c) (3 points) Using the quantity theory of money, show graphically the long-run effects of a decrease in the quantity of money. Indicate what happens with the value of money and the aggregate price level. (Hint: does the money supply change? Does the money demand change?) (d) (2 points) Using the quantity equation, explain the long-run effects of the FOMC's decision of decreasing the quantity of money. Are these results consistent with your previous answer? (e) (Bonus: 2 points) According to your previous answers, why do you think the FOMC voted to decrease the quantity of money on May 5, 2022?