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suppose the current price level is 149.2 and one year ago th

suppose the current price level is 149.2 and one year ago the price level was 146.7. Output is curre… Show more suppose the current price level is 149.2 and one year ago the price level was 146.7. Output is currently 12,892.5 and potential output is 13,743.5 (both in billions of 2005 dollars). a. what value of the federal funds rate would the Fed choose if it follows the Taylor rule? b. suppose that one year later, the price level has declined by 0.4%, output has declined by 1.6%, and potential output has increased 2.0%. In this new situation, what value of the Federal funds rate would the Fed choose if it follows the Taylor rule? • Show less


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