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Is there a need for additional monetary stimulus? Insights from the original Taylor Rule CEPS Policy Brief No 342, April 2016

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Figure

Figure 1. Employment rates in the US, Japan and the euro area (1999-2015 and projections 2016-17)
Figure 3. The (negative) snowball effect
Figure 5. Japan: Deflator vs. CPI (1999=100)
Table 1. Taylor rule-based policy rate over time assuming real equilibrium interest rate = 0
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