Under a ?Xed Exchange Rate Regime, ?Scal Policy Is

Under a ?xed exchange rate regime, ?scal policy is:

A) less effective than monetary policy because the central bank prints money to counter in?ation.
B) more effective than monetary policy because the central bank cannot change interest
C) less effective than monetary policy as the central bank increases interest rates to counter in?ationary pressures.
D) more effective than monetary policy because exchange rate differentials are offset by