where i is the nominal interest rate, r is the real interest rate and e are expectations of inflation. A commonly used measure of the monetary policy stand is calculated as the difference between the one-year safe nonimal interest rate i and the one year-ahead expectations of inflation i e. That yields a key interest rate r = i e, which measures the monetary policy stand: the lower (higher) that real interest rate r is, the more expansionary (contractionary) monetary policy is. From the FRED website (https://fred.stlouisfed.org/), download the Market Yield on U.S. Treasury Securities at 1-Year Constant Maturity, Quoted on an Investment Basis (GS1) (monthly) and 1-Year Expected Inflation (EXPINF1YR) (monthly) from January 2020 to December 2023. Calculate the difference between the two to approximate i e as a measure of the monetary policy stand in the U.S.. Marks: 1.5 marks