1. The first WSJ article, written in Spring of 2020, describes the Fed as the most powerful weapon in the government's economic arsenal to revive the economy. Describe the three phases of Fed's crisis response, taken from 2007-09 crisis playbook (Note: we will have plenty to talk about Fed's monetary policy in the upcoming chapters). 2. According to the second WSJ article, the US suffered from very high inflation rate in the seventies. Who was the chair of the Fed in 1970s, and how did his view contribute to an uncontrollable inflation? What role did politics play? 3. In what aspect are Jerome Powell's views different from his predecessor? What role does the executive branch play in controlling inflation today? Week 9.pdf