The name is absent



Table 2: Policy rules and coefficients in the log-linearized model

Rule

p11

p22

πt

yt

qt

Etπt+1

Etyt+1

optimal policy

all

all

TR

all

all

1.5

0.5

TR+q

all

all

1.5

0.5

0.1

IFB

0.25

0.25

1.5

IFB

0.25

0.50

1.5

IFB

0.25

0.75

1.7

IFB

0.50

0.25

1.9

IFB

0.50

0.50

1.6

IFB

0.50

0.75

1.8

IFB

0.75

all

2.8

IFB+y

all

all

1.5

0.5

IFB+y+q

all

all

0.1

1.5

0.5

IFB+y+q agg.

all

all

0.1

2.0

0.5

optimal policy: the optimal policy reacts to all state variables and shocks

TR: Taylor rule

IFB: Inflation forecast based rule

all: 0.25, 0.5, 0.75

19



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