1. Go to the following Government of Canada website that describes the Canada Recovery Benefit that was paid to previously employed individuals who had a decrease in income due to COVID19. https://www.canada.ca/en/revenue-agency/services/benefits/recovery- benefit.html 2. Is this CRB program a form of fiscal policy or monetary policy? Explain. 3. Were there "long time lags" associated with the effect of this policy on aggregate demand? Answer either "yes" or "no" and provide a one sentence explanation. 4. Fill in the following table, using data from Statistics Canada and the Bank of Canada: Date Inflation Unemployment Rate| Target for the Overnight Rate Jan 2020 July 2020 Jan 2021 July 2021 Jan 2022 July 2022 Jan 2023 July 2023 Jan 2024 Inflation - use the CPI - you can find good data here: https://www.bankofcanada.ca/rates/indicators/key-variables/inflation-control-target/#cpi Unemployment rate - use the unemployment rate for all of Canada, not adjusted. You might have to re-set the tables here, but you are looking for Unemployment Rate, all Canada, both sexes, 15 years plus: https://www 150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410001701&pickMembers%510%5D=1 .1&pickMembers%5B1%5D=2.8&cubeTimeFrame.startMonth=01&cubeTimeFrame.start Year= 2020&cubeTimeFrame.endMonth=01&cubeTimeFrame.endYear-2024&referencePeriods=2020 0101%2C20240101Target for the Overnight Rate - use the Bank of Canada data found here: https://www.bankofcanada.ca/rates/interest-rates/ Look in the bottom right corner for "Policy Interest Rate" here: https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/history-key- interest-rate/#From-the-Bank-Rate-to-the-%E2%80%9Ctarget-for-the-overnight- rate%E2%80%9D 5. What value of inflation is the goal of the Bank of Canada? % 6. According to your table, for the period January 2020-January 2024, when did the Bank of Canada first increase the Target for the Overnight rate? 7. Fill in the blank: The Bank of Canada increased the target for the overnight rate in order to the inflation rate. 8. Were there "long time lags" in the time between the changes to the Target for the overnight rate and the change to the inflation rate? Answer in one sentence and refer to your table