2. Hong Kong's monetary authority fixes exchange rates against the US dollar and maintains free capital mobility. Assume that goods prices are sticky in the short run.
a. Is the set of policies chosen by Hong Kong's monetary authority consistent with the Trilemma? Explain your reasoning.
b. Suppose the European Central Bank lowers the euro short-term interest rate for 3 months. How will this policy affect Hong Kong's exchange rate between Hong Kong and the euro zone? Explain your reasoning.
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