Consider a country where the central bank policy rate has been constant at2%from 2012 to 2014. During these three years (2012, 2013, 2014) the equilibrium real interest rate has been2%and the target inflation rate has been2%. The current inflation rate has been2%,3%, and2%in 2012, 2013, and 2014, respectively. The output gap has been4%,7%, and6%in 2012, 2013, and 2014 respectively. Assuming that the Taylor rule is a good benchmark, assess the policy stance of the central bank. Has the adopted interest rate policy been appropriate? Explain.