*7 When the economies of Indonesia, South Korea, Thailand, Malaysia and the Philippines entered into recession in 1997, the International Monetary Fund (IMF) made loans but only on condition that the recipients of the loans increased interest rates, raised taxes and cut government expenditures. a Would you describe the IMF prescription as a feedback-rule policy or a fixed-rule policy? b What do you predict the effects of the IMF policies would be? c Do you have any criticisms of the IMF policies? What would you have required these countries to do? Why?