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



Response of Output Gap

Percent

1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

-0.4


-10     0     10    20    30    40    50


Figure 12: Implications of Faster Learning for Impulse Responses
to a Permanent Target Shock

Response of Inflation


Response of Long Rate


Response of Fed Funds Rate


Response of Perceived Target
and Target

Percent




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