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Now, show each page of your completed exam to your camera, A…

Now, show each page of your completed exam to your camera, AND, any pieces of scratch paper Then, quickly review the following instructions before clicking “Submit” to complete the exam   Complete Part 2 by turning your exam pages into a single file for upload, If you upload separate image files for each page you risk having pages not graded because they are missed! Use your phone to take a picture of each page. Take the pictures portrait (vertical) not landscape (horizontal) Paste images of your written exam pages into empty pages in your Word document, one exam page for each exam blank page. Make sure that your exam pages are in the correct order and are oriented properly (not upside down or rotated!). Use Word to generate the file so that your final document is generated in standard page size, US letter or 8.5 x 11″. If you don’t submit a standard page size file it may not fit in the Canvas grading window and your exam won’t be graded! Beware! Most phones take very high-resolution pictures that will generate very large files, and so you will probably have to compress the picture files in the Word document before converting to PDF. On a Mac, go to the “File” menu and select “Reduce File Size…”. In Windows, select a picture, and then select format picture and compress. Make sure that the pdf file size is less than 20 MB.

​Suppose the current real federal funds rate in the economy…

​Suppose the current real federal funds rate in the economy is 1.5%, the current inflation rate is 3.0%, the Federal Reserve’s target inflation rate is 2.0%, and the output gap is 1.0%. The Taylor Rule would suggest that the Federal Reserve’s target federal funds rate should be