4. By combining expressions for the Phillips, IS and MR curve equations of the Three Equation Model (TEM), the following expression can be obtained: 1 (1) a at 1 aB The Taylor rule (1993) is shown in equation (2): Tt - T's = 0.5(1 - TT ) + 0.5(V: - ye) (2) (a) Verbally interpret each of expressions (1) and (2). (5 marks)(b) Compare and contrast the TEM equation (1) with the original Taylor rule (2). (5 marks) [Note: Derivation of equation (1) is not required.]