Part I. The data shown below are in the form of quarterly year-over-year percentage changes forthe USover the period 2018:1 to 2021:4. The series shown in the table are the M2 money supply, k, the ratio of M2 to nominal GDP and the consumer price index. Plotted in the chart is the CPI. Use these data as background for your answers to the following questions. Note further that the monthly figures for annualized year-over-year CPI inflation in November 2021, December 2021 and January 2022 were 6.8, 7.1 and 7.5 per cent respectively. (60 points)

		M2	k	CPI
2018	1	4.19	-0.93	2.22
	2	3.95	-1.98	2.69
	3	3.84	-1.69	2.64
	4	3.48	-1.15	2.21
2019	1	4.09	-0.17	1.62
	2	4.34	0.43	1.84
	3	5.25	1.11	1.77
	4	6.68	2.35	2.02
2020	1	7.88	5.47	2.10
	2	20.63	31.85	0.44
	3	23.38	25.51	1.25
	4	24.29	25.54	1.20
2021	1	25.72	22.55	1.90
	2	14.91	-1.58	4.81
	3	12.95	2.90	5.29
	4	12.89	0.99	6.72

FRED - Consumer Price Index for All Urban Consumers: All Items In U.S. City Average 7 un Percent Change from Year Ago LU 2 0 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 20.. Shaded areas indicate U.S. recessions. Source: U.S. Bureau of Labor Statistics myf.red/g/MrBz