4. Consider the IS-MP-Phillips curve framework. What happens to real interest rate R, short-run output (Y tilde), and change in inflation (delta pi) to these events? Consider each event individually using graphs and assume the economy starts from the steady state. (a) A divided congress results in a reduction in government purchases. The central bank decides not to respond. (b) A divided congress results in a reduction in government purchases. The central bank decides to respond in order to keep output at potential.