4. Suppose the US economy experiences a strong recovery in 2021. However, the Federal Reserve holds the money supply constant to prevent future inflation. Draw a graph for the bond market to illustrate the effect of the US economic recovery on the bond market. In your graph, label both axes and all curves, and indicate clearly how the equilibrium price and quantity should change. Explain the reasoning behind the movement of bond demand and supply in your graph. (You can either draw the graph using word drawing tools or draw it by hand and then take a picture) 3. In 2019, the US stock market's average dividend-price ratio was 2%, the investors expect the average dividends would grow by 4% a year in the future, and the 10-year treasury bond yield (interest rate) was 2%. What was the implied risk premium on the US stocks in 2019? Suppose at the end of 2020, investors find that the US stock market's average dividend-price ratio rises to 3% and the 10-year treasury bond yield falls to 1%; analysts find that the risk premium on US stocks rises to 8% and expect the future inflation rate will be 3%. Given the information and assume that the investors expect the US stock dividends will grow at the same rate as nominal GDP in the future, what real GDP growth rate should the investors expect the US economy to have