Real Exchange Rate, 9z/k RS1 RD1 At the end of World War I, the Treaty of Versailles imposed an indemnity on Germany, a large annual payment from it to the victorious Allies. (Many historians believe this indemnity played a role in destabilizing financial markets in the interwar period and even in bringing on World War II.) In the 1920s, the economists John Maynard Keynes and Bertil Ohlin had a spirited debate in the Economic Journal over the possibility that the transfer payment would impose a "secondary burden" on Germany by worsening its terms of trade. qikt Suppose a transfer occurs involving Poland and the Czech Republic. The figure shows the determination of the real zloty/koruna exchange rate. (Note: the zloty (z) is the currency of Poland (P) and the koruna (k) is the currency of the Czech Republic (C).) Using the line drawing tool, determine the impact of a permanent transfer from the Czech Republic to Poland, on the assumption that the donor has a lower marginal propensity to spend on the recipient's output than does the recipient. Properly label this line. X ... Ratio of Polish to Czech real output Carefully follow the instructions above and only draw the required object. (YpIY()' (Yp/Yc) Real Exchange Rate, 9z/k RS1 RD1 At the end of World War I, the Treaty of Versailles imposed an indemnity on Germany, a large annual payment from it to the victorious Allies. (Many historians believe this indemnity played a role in destabilizing financial markets in the interwar period and even in bringing on World War II.) In the 1920s, the economists John Maynard Keynes and Bertil Ohlin had a spirited debate in the Economic Journal over the possibility that the transfer payment would impose a "secondary burden" on Germany by worsening its terms of trade. qikt Suppose a transfer occurs involving Poland and the Czech Republic. The figure shows the determination of the real zloty/koruna exchange rate. (Note: the zloty (z) is the currency of Poland (P) and the koruna (k) is the currency of the Czech Republic (C).) Using the line drawing tool, determine the impact of a permanent transfer from the Czech Republic to Poland, on the assumption that the donor has a lower marginal propensity to spend on the recipient's output than does the recipient. Properly label this line. X ... Ratio of Polish to Czech real output Carefully follow the instructions above and only draw the required object. (YpIY()' (Yp/Yc)