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i=0.02+0.5y+0.5(2%) where y is the percentage difference between the actual output and its full-employment level, while is inflation over the last 12 months constrained by

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i=0.02+0.5y+0.5(2%) where y is the percentage difference between the actual output and its full-employment level, while is inflation over the last 12 months constrained by the zero lower bound, i.e., i0. The evolution of the economy over the last two years is given by the following table: According to the Taylor rule, in August 2051 the central bank must set the interest rate at percent. (Approximate your answer to 2 decimal points. The answer is a percentage: e.g., if your answer is 8.23%, you should type "8.23") i=0.02+0.5y+0.5(2%) where y is the percentage difference between the actual output and its full-employment level, while is inflation over the last 12 months constrained by the zero lower bound, i.e., i0. The evolution of the economy over the last two years is given by the following table: According to the Taylor rule, in August 2051 the central bank must set the interest rate at percent. (Approximate your answer to 2 decimal points. The answer is a percentage: e.g., if your answer is 8.23%, you should type "8.23")

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