Figure 9: Impulse Responses to a Permanent Target Shock
Response of Output Gap
Response of Inflation, Target,
and Perceived Target
Response of Long Rate and
Perceived Target
Response of Fed Funds Rate
Figure 9: Impulse Responses to a Permanent Target Shock
Response of Output Gap
Response of Inflation, Target,
and Perceived Target
Response of Long Rate and
Perceived Target
Response of Fed Funds Rate