Explain the major functions of the Federal Reserve.

Question 1 – Respond to the following in a minimum of 175 words:Explain the major functions of the Federal Reserve.Discuss why the money supply curve is vertical.Question 2 – Respond to the following in a minimum of 175 words:Explain the chain of events that occurs for expansionary and contractionary monetary policy to affect the long-run equilibrium level of real gross domestic product (GDP).