Using the classical model of chapter 3, what is the effect of the "stimulus package" (officially the american recovery and reinvestment act of 2009) in the long run? (recall, this act included about $787 billion in fiscal stimulus, about $509 billion of which was in the form of government spending, the remaining in the form of tax cuts.)

(b) using the solow growth model of chapter 7, how do the long run effects described in the previous question affect the steady state capital stock and steady state output?
(c) if, previous to the increase in government spending and decrease in taxes, the steady state capital stock were below the golden rule capital stock, what would the "stimulus package" do to consumption in the long run?
(d) using the is-lm model, describe the short run effects of the "stimulus package". (e) given what you know about the effects of increasing the budget deficit (both in the short-run and the long-run), if you were a member of congress, would you have voted to approve the "stimulus package"? why or why not? g