What is fiscal policy? What is monetary policy? Explain these two different approaches to macroeconomic policymaking. Who make fiscal policy? who make monetary policy? what would be the appropriate fiscal policy response to recession? To inflation? what is the appropriate monetary policy response to recession/inflation? How would conservative Republicans and liberal Democrats differ in their view of macroeconomic policy? Why is macroeconomic policy politically important? How do political views influence macroeconomic policy? Discuss macroeconomic policies within the context of the current economic crisis. What kinds of policies would help to pull the U.S. economy out of its current slowdown? Explain your answers and provides examples.