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i. Based on targets for inflation and overall economic growth rate and on actual observations of inflation and economic growth rates, apply the Taylor rule to estimate what short-term interest rate level should be an appropriate target for monetary authorities. Economic Measures GDP Trend/Inflation Target Forecast Year-over-year increase in GDP 3.20% 2.60% Inflation rate 2% 4% Shor-term interest rate (neutral value) 4% Estimate what short-term interest rate level should be an appropriate target for monetary authorities. Show your calculations. (6 points) ii. Explain why the monetary action suggested by the Taylor rule output may not actually be taken by the central bank authorities. ii. Explain your reasoning. (6 points)