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2. Government response to COVID-19 in the Ramsey model: Governments all over the world are attempting to rescue their economies from the impact of the measures to contain the virus. These governments are all temporarily increasing government spending. Answer the following question using the version of the Ramsey model given below e(t) ak(t)-1 - p - 0g c(t k(t) = k(t)" - c(t) - G(t) - (n + g)k(t) where G represents government spending. (a) Draw a phase diagram that shows what happens in the economy if there is a permanent increase in risk aversion, which is modeled by increasing #. (2 points) (b) Draw a phase diagram illustrating what happens if there is a temporary increase in government spending. (2 points)(c) Comparing your diagram in (a) to your diagram in (b), does it look like government spending helps to support the economy? Explain. (3 points) (d) Does the model provide a reasonable picture of the current situation? Write a paragraph or two assessing the models predictions. (3 points)