You observe that the inflation rate in the United States is 3.1 percent per year and that T-bills currently yield 3.7 percent annually. What do you estimate the inflation rate to be in:

1. Australia, if short-term Australian government securities yield 4 percent per year?
2. Canada, if short-term Canadian government securities yield 7 percent per year?
3. Taiwan, if short-term Taiwanese government securities yield 9 percent per year?