The ecоnоmy оf Dwightville is in short-run equilibrium with аn аctuаl inflation rate that is currently higher than the expected inflation rate. (a) Draw a correctly labeled graph of the short-run and long-run Phillips curves. Label the current short-run equilibrium point as X. (2 points)(b) The banking system in Dwightville has ample reserves. Identify a specific monetary policy action that the central bank of Dwightville would take to bring the inflation rate closer to the expected inflation rate. (1 point)(c) Dwightville has an open economy and a flexible exchange rate. Based solely on the effect of the monetary policy actionidentified in part (b) on interest rates in Dwightville, will there be an increase, a decrease, or no change in the flow of international financial capital into Dwightville? Explain. (1 point)(d) Based on your answer to part (c), what will happen to the international value of Dwightville’s currency? Explain. (1 point)