25. Suppose that the Bank of England decides to follow the Taylor rule. In 2005, the United...
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25. Suppose that the Bank of England decides to follow the Taylor rule. In 2005, the United Kingdom has an inflation rate of 2.1 percent a year and its output gap is –0.3 percent. At what level does the Bank of England set the repo rate (the U.K. equivalent of the federal funds rate)?
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