Below are the results of equation (1) estimate over two separate samples, 1988:1-2009:1 and 2016:1- 2019:4. 1.) Which coefficients are statistically significant? 2.) For each regression, write and interpret the estimated monetary policy rule. 3.) Did the coefficients change between the two period? Explain what this implies about the Fed's monetary policy rule? Did it change? How did it change? Note: These are not the same estimates as in the Rudebusch paper. The data have been revised since the paper was published.

Linear Regression - Estimation by Least Squares Dependent Variable FEDFUNDS Quarterly Data From 1988:01 To 2008:04 Usable Observations 84 Degrees of Freedom 81 Centered R^2 0. 7936672 R-Bar^2 0. 7885726 Uncentered R^2 0. 9628258 Mean of Dependent Variable 4. 6488888889 Std Error of Dependent Variable 2. 1924192950 Standard Error of Estimate 1. 0081014466 Sum of Squared Residuals 82. 317750656 Regression F(2, 81) 155. 7849 Significance Level of F 0. 0000000 Log Likelihood -118. 3412 Durbin-Watson Statistic 0. 1755 Variable Coeff Std Error T-Stat Signif 1. Constant 0. 727699394 0. 316386533 2. 30003 0.02401979 2 . INF 1. 763356168 0. 126879559 13. 89787 0.00000000 13. UGAP -1. 720940798 0. 132694311 -12.96921 0. 00000060 Linear Regression - Estimation by Least Squares Dependent Variable FEDFUNDS Quarterly Data From 2016:01 To 2019:04 Usable Observations 16 Degrees of Freedom 13 Centered R^2 0. 8850785 R-Bar^2 0. 8673982 Uncentered R^2 0. 9738760 Mean of Dependent Variable 1. 3466666667 Std Error of Dependent Variable 0. 7543856956 Standard Error of Estimate 0.2747059893 Sum of Squared Residuals 0. 9810239476 Regression F(2, 13) 50. 0603 Significance Level of F 0.0000008 Log Likelihood -0. 3690 Durbin-Watson Statistic 0. 8494 Variable Coeff Std Error T-Stat Signif * **** ********** * * * ********** ********* ********** *************** ***** *** *# 1. Constant 0. 638244502 0. 708798015 0. 90046 0.38425322 2. INF 0. 022455700 0. 429881559 0. 05224 0.95913405 3 . UGAP -1. 621488140 0. 189187978 -8.57078 0.00000104