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Suppose ination in Canada is currently equal to the Bank of Canada's target of 2% per year. The Bank's mandate is now changed so that it has a new target for inflation of 0% per year. Answer all pans below. (a) Provide a detailed explanation of how the Bank of Canada can use two tools of monetary policy to move inflation towards its new target. (b) Prior to the change in the Bank's mandate Bob had lent Doug $1000. At the time the loan was made both Bob and Doug expected ination to be 2%. Which of them has gained and which of them has lost from the change in the Bank's mandate and why? ((2) What do you expect to happen to the nominal interest rate and the nominal exchange rate following this change? Explain your