23 Ben Bernanke finds that a “balanced approach” rule estimated using real-time data closely tracks the federal funds rate from 1996 through 2008. See Ben S. Bernanke (2015), “The Taylor Rule: A Benchmark for Monetary Policy?” Ben Bernanke’s Blog, April 28, https://www.brookings.edu/blog/benbernanke/2015/04/28/the-taylor-rule-a-benchmark-for-monetary-policy.
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