John Taylor has argued that "Considerable empirical work supports the view that interest rates were too low for too long in $2003-2005$ and were a major factor in the housing boom and bust that resulted.

Source: John Taylor, First Principles: Five Keys to Restoring America's Prosperity, New York: WW$.$ Norton & Company, $2012,$ p$.133.$

When comparing the actual target federal funds rate and the federal funds rate suggeted by the Taylor rule during the $2003-2005$ period, the Taylor rule federal funds rate the actual target federal funds rate, thus indicating that interest rates during the $2003-2005$ period

was greater than

was less than

was the same as