Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information

Figure 6: Impulse Responses to an Aggregate Supply Shock

Response of Output Gap

Response of Inflation

Response of Long Rate

Response of Fed Funds Rate

Time-varying

Response of Target

Percent

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

-10 0 10 20 30 40 50

Constant

Response of Perceived Target

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