申論題

二、問答題。 【注意】請以詳細文字敘述或搭配經濟學圖形，無完整文字敘述則不予計分。可用中英文作答。

4. The Russia–Saudi Arabia oil price war of 2020 is an economic war triggered in March 2020 by Saudi Arabia in response to Russia's refusal to reduce oil production to keep prices for oil at a moderate level. This economic conflict resulted in a sheer drop in oil prices over the spring of 2020. What kind of monetary policy and tools should the central bank undertake if its goal is to stabilize the level of output while keeping inflation low? Show with the help of the AD-AS diagram and explain the adjustment process.