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Taylor Getting Back on Track

Taylor Getting Back on Track. Great Moderation. The Taylor Rule and Fed’s Track Record (Cont.). Taylor rule Federal funds rate target is a function of: The difference between actual inflate rate (INFL) and the target inflation ( INFL *)

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Taylor Getting Back on Track

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  1. TaylorGetting Back on Track

  2. Great Moderation

  3. The Taylor Rule and Fed’s Track Record (Cont.) • Taylor rule • Federal funds rate target is a function of: • The difference between actual inflate rate (INFL) and the target inflation (INFL*) • The percentage difference between actual and potential real GDP (GAP)

  4. Deviation from Taylor Rule

  5. Liquidity or Counterparty Credit Risk Problem?

  6. Impact of Stimulus (Round 1)

  7. Did TARP Help?

  8. Did TARP Help?

  9. Impact of Stimulus (Round 2)

  10. Likely LR Impact of Stimulus

  11. Likely LR Impact of Stimulus

  12. Monetary Policy Implications Average excess reserves since advent of financial crisis exceed 500 times pre-crisis average.

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