Money and Banking Problem Set I - Page 5 of 5 Due: 8/29/2021 4. (40 points) The UNN, Martian Congressional Republic, and OPA are all trying to work to unify their monetary policy to have a single currency in the system. You are brought in to work with UN Secretary General Chrisjen Avasarala, MCR Prime Minister Emily Richards, and representing the OPA, Marco Inaros (no one likes this guy). You have to explain some monetary policy stuff to them to make sure they are all on the same page. (a) (30 points) What are the three principles of monetary theory, according to Milton Friedman? (b) (10 points) Explain to all three leaders what the optimal nominal interest rate should be, according to Milton Friedman. What does the result imply?