Please help!

4. a. Write out the Taylor Rule and define all variables in your expression. [4 points] b. Assume the Fed sets both the equilibrium real federal funds rate to 3% and the inflation target to 2%. The current rate of inflation is 1% and Real GDP is 2% below potential GDP. Calculate the FOMC's federal fund rate target if it follows the Taylor rule. [4 points] c. Calculate the new Taylor rule federal funds rate target if the current rate of inflation increases from 1% to 3% (all else stays constant). [4 points]