A central bank's lose function is as - L = - B ( y E - y " ) + ( t - 71 1 ) B jo where , 1 = Current output un = flexible price output TIt = current inflation TTT - inflation target The central bank can control inflation and the economy is characterised by Phillips curve TIt = [T t - 1 + 2 ( yt - yn ) a ) Interpret the Central Banks loss function what i's the interpretation B 2 what can we say about the 0 Central Bank's preferences , according to the above function ? bi ) Derive an expression inflation i'm equilibrium if the Central Bank lol lowe discretionary monetary policy IC there an inflation bing . Justby the stepsC . ) Discuss how the central Banks Lost function is with conservative central banker . what is the inflation outcome ? d . ) How can you capture the Central Bank's independence in this model ? HOW will increating the independence affect the results