Final answer:
The most likely result of monetary policy pushing GDP above full employment is inflation. Contractionary monetary policy can reduce inflation by lowering aggregate demand and bringing the economy back to its potential GDP level.
Step-by-step explanation:
If monetary policy tries to push GDP above full employment, the most likely result will be inflation. Expansionary monetary policy can stimulate economic growth but it can also lead to higher prices if the economy is already at its full employment level of output. A contractionary monetary policy, on the other hand, is designed to reduce inflationary pressures by raising interest rates, which discourages borrowing for investment and consumption, leading to a decrease in aggregate demand. This policy causes the demand curve to shift leftward, moving the economy back towards its potential GDP level and reducing the inflationary pressures. However, if the monetary policy attempts to push the economy beyond its full employment GDP, it risks exacerbating inflation as demand outstrips the economy's capacity to produce goods and services.