In one or two paragraphs, indicate whether you think that we should be pursuing an expansionary, contractionary or neutral monetary policy right now. Give details as to how you would do this and why.

The latter should be a positive analysis of where we are macroeconomically and where we could be given your monetary policy recommendations. Think of this as if you are writting an open letter to the Chair of the Board of Governors of the Federal Reserve System in which you either approve of current policy or attempt to persuade the Board to change the policy. Just give positive reasons why?