Inflation Targeting and Nonlinear Policy Rules: The Case of Asymmetric Preferences (new title: The Fed's monetary policy rule and U.S. inflation: The case of asymmetric preferences)



Figure 2: Baseline Series
- full sample: 1960:1 2003:2 -

20

16

12

8

4

0

60   65   70   75   80   85   90   95   00


14

12

10

8

6

4

2

0

-2

----Federal Funds Rate

60   65   70   75   80   85   90   95   00


----Inflation

8

4

0

-4

-8

-12

60   65   70   75   80   85   90   95   00

---Output Gap


30



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