Question: Repeat Problem 16.9 using the annual change (current month over 12 months previous) in each interest rate. How do the results differ? Can you explain

Repeat Problem 16.9 using the annual change (current month over 12 months previous) in each interest rate. How do the results differ? Can you explain the difference in terms of typical Federal Reserve behavior (e.g., Figure 16,12 is relevant) and in terms of the importance of credibility in monetary policy?

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