Use the estimation results of the Taylor rule shown in Slide 39 of Monetary Policy II to provide an estimate of what the Taylor Rule suggests for the FFR in 2022q3. Note that for 2023q3, the inflation rate (measured from core PCE) was 4.9%, potential real GDP was $20,197.94 Billion, and actual real GDP was $20,021.72 Billion. (When using these numbers, input the inflation and interest rate as x.yz if it is x.yz% rather than 0.0xyz, since the regression results are obtained that way).

Percent 15.0 12.5 10.0 7.5 5.0 2.5 0.0 1990 The Fed Fund Rate and Unemployment (Monthly Data) Unemployment Fed Funds Rate .'M' t. 1995 2000 2005 2010 2015 2020