uestion 3 [30 points) (a) Consider the hypothetical case of perfect substitutablity between the short-term and long-term assets. Discuss how would the term premium have behaved following the enormous amounts of the long-term asset pur- chases of the Fed after the Great Recession? Explain your answer (15 points) uestion 3 [30 points) (a) Consider the hypothetical case of perfect substitutablity between the short-term and long-term assets. Discuss how would the term premium have behaved following the enormous amounts of the long-term asset pur- chases of the Fed after the Great Recession? Explain your answer (15 points)