Pick an economy (outside of the US, the Eurozone, the UK and Japan) with an inflation-targeting central bank. Use their central bank's website to gather information on interest rates and total assets for the period from 2006 to 2011. Present the data in a graph (as per Fig. 13.7). Use the graph to answer the following questions:

(a) Did the central bank hit the zero nominal bound during the Great Recession? If so, did they employ quantitative easing?

(b) Use your own knowledge and macroeconomic indicators e.g. from the IMF World Economic Outlook Database to provide a picture of your chosen economy before and during the crisis. Does this help to shed light on why it did or did not reach the ZLB during the global financial crisis? [Hint: think about your chosen economy's strength entering the recession, the severity of their recession, other policies used to stimulate demand (e.g. fiscal policy), their reliance on exports etc.]