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The new long run priceP^*_$= $11.11

The new long run exchange rateE^*_$/= 1.11

The expected exchange rate 1 year from today (T+1),E^e_$/= 0

The real exchange rate today (T),q_$/= 2.0565

QUESTIONS Use the money market with the general monetary model and foreign exchange (FX) market to answer the following questions. The questions consider the relationship between the U.K. pound (f) and the Australian dollar ($). Let the exchange rate be defined as Australian dollars per pound, Es. In the U.K., the real income (Yz) is 10.00 trillthe money supply (M.) is $50.00 trill., the price level (P.) is $10.00, and the nominal interest rate (4) is 2.00% per annum. In Australia, the real income (Y,) is 1.00 trill, the money supply (Ms) is AU$10.00 trill., the price level (P,) is AU$20.00, and the nominal interest rate (is) is 2.00% per annum. These two countries have maintained these long-run levels. Note that the uncovered interest parity (UIP) holds all the time, and the purchasing power parity (PPP) holds only in the long-cun The half-life of the deviation from the PPP is 4 years, that is, the deviation from PPP shrinks by 50% in 4 years. Now, consider time 7 (today) when the Australian real income falls permanently by 10% unexpectedly so that the new real income in Australia becomes Y, = 0.90 trill. With the new real income, the interest rate in Australia falls to 1% per annum today. With these changes, the exchange rate today becomes 2.2848, (Es/ = 2.2848). Assume that Australia and the U.K. use the floating exchange rate system. a) Based on the half-life of the deviation from PPP, calculate the expected real exchange rate 4 years from today (7+4),