(a) See the gure below $USEUHO 039 a} 9am 9s99a=9k9s 9e9a9; 993$ YEAH (Source: Federal Reserve Economic Data, St. Louis Federal Reserve) In December 2007, the United States entered a recession. As seen in the above gure, the U.S. dollar depreciated about 100 percent vis-avis the euro between 2001 and 2007. Explain the relationship between the recession and the depreciation of the US dollar. What does the short-run model suggest should happen to net exports and the output gap of the US? (b) Japan is a major trading partner of Australia. Despite the Japanese Central Bank's (ICE) aggressive stance on ination, the Great Recession in the second half of the 2000s forced the ICE to lower interest rates. What would be the impact of this policy on the Australian economy, assuming the Australian Reserve Bank did NOT change interest rates