Q3. Refer to the latest monetary policy decision statement by the Governor of the Reserve Bank of Australia (RBA), Mr. Philip Lowe. https://www.rba.gov.au/media-releases/2022/mr-22-05.html Using the static aggregate demand and aggregate supply (AD-AS) model, show and explain how the inflationary pressure scenario discussed in the article could be identified. What kind of remedial monetary policy measure would you recommend for the RBA? Explain the appropriate monetary policy action and illustrate using the static AD-AS model the effect of such policy stance on the long-run equilibrium in the economy