Figure 10: Impulse Responses to an Expectations 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 10: Impulse Responses to an Expectations Shock
Response of Output Gap
Response of Inflation, Target,
and Perceived Target
Response of Long Rate and
Perceived Target
Response of Fed Funds Rate