Can't see the videos? Visit this Panopto link, log in if it asks, and then reload this page.
During a recession the Fed buys bonds, increase bank reserves, and lowering the interest rate. The lower interest rate means more investment spending, and a shift right in aggregate demand. During an inflationary gap, they reverse course, and sell bonds to contract the money supply.
The Fed has to time its policies correctly, and that can be difficult. The inside lag is the time it takes the Fed to recognize a problem and implement a solution. The outside lag is the time it take their policies to have an impact.
Answer each question on a piece of paper. Then watch the solution video. Trust me, I make the answer look easy. If you don't try it first, you won't build up your mechanism for answering Assessment questions.