12.0 14.0 10.0 -4.0 8.0 -2.0 2.0 6.0 0.0 4.0 2002-04-01 2002-11-01 2003-06-01 2004-01-01 2004-08-01 2005-03-01 2005-10-01 2006-05-01 2006-12-01 2007-07-01 2008-02-01 consumer survey on future inflation 2008-09-01 2009-04-01 2009-11-01 South Africa Consumer survey and actual inflation 2010-06-01 tendency of inflation) against the actual rates of inflation for the period of April 2002 to August 2018. 2011-01-01 The following figure shows the consumer survey on future inflation (i.e., consumer opinion surveys of the future 2011-08-01 2012-03-01 2012-10-01 2013-05-01 actual inflation 2013-12-01 2014-07-01 2015-02-01 2015-09-01 2016-04-01 2016-11-01 2017-06-01 2018-01-01 2018-08-0112.0 10.0 14.0 -4.0 8.0 6.0 -2.0 0.0 2.0 4.0 2002-04-01 2002-11-01 2003-06-01 2004-01-01 stage of the business cycle? [4 marks] 2004-08-01 2005-03-01 2005-10-01 2006-05-01 2006-12-01 2007-07-01 2008-02-01 - consumer survey on future inflation 2008-09-01 2009-04-01 2009-11-01 South Africa 2010-06-01 2011-01-01 Comment on the differences between the two plots. Are inflation expectations accurate predictions of actual inflation? Are the months of significant declines or increases in expected inflation associated with a particular 2011-08-01 2012-03-01 2012-10-01 2013-05-01 actual inflation 2013-12-01 2014-07-01 2015-02-01 2015-09-01 2016-04-01 2016-11-01 2017-06-01 2018-01-01 2018-08-01Suppose that both the currency-deposit ratio and reserve-deposit ratio was 0.2. Over the last 12 months, the public changed its currencydeposit ratio, to which the Fed responded by decreasing the reservedeposit ratio to 0.15. The reason was that the Fed wanted to keep the money supply from changing and, and thus, maintaining the same monetary base. Based on this information, calculate the new currency-deposit ratio. (Show your working's out and express your answer as an integer with THREE decimal places) [3 marks]