c. The previous two exercises show that shocks to the curve have a larger impact on equilibrium income if the central bank holds the constant. d. Expanded use of online payments reduces the amount of money people want to hold. The central bank holds the money supply constant. Interest rate, r E Income, output, Ye. Expanded use of online payments reduces the amount of money people want to hold. The central bank holds the interest rate constant. Interest rate, r IS E Income, output, Y f. The previous two exercises show that shocks to the curve have a larger impact on equilibrium income if the central bank holds the constant