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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