The name is absent



Table 5: t-steps ahead standard deviation of the real interest rate after

a persistent non


-fundamental shock, V (yt |


s0 = 2), relative to the optimal


policy, with p11 = p22 = 0.5

t

optimal

TR

TR+q

IFB

IFB+y

IFB+y+q

IFB+y+q agg.

1

1

0.7954

0.818

0.0869

0.8566

0.8811

0.886

2

1

0.7425

0.7667

0.0958

0.7459

0.7809

0.7866

3

1

0.7109

0.736

0.1335

0.6826

0.7233

0.7293

4

1

0.6901

0.7156

0.1956

0.6416

0.6856

0.6916

5

1

0.6765

0.7022

0.278

0.6147

0.6604

0.6666

6

1

0.6684

0.6941

0.3758

0.5982

0.6446

0.6512

7

1

0.6647

0.6901

0.4836

0.59

0.6361

0.6433

8

1

0.6642

0.6895

0.5942

0.5884

0.6336

0.6418

9

1

0.6663

0.6913

0.6997

0.5918

0.6358

0.6453

10

1

0.6701

0.6949

0.7913

0.599

0.6417

0.6528

11

1

0.675

0.6997

0.8618

0.609

0.6504

0.6635

12

1

0.6805

0.7052

0.9094

0.6208

0.661

0.6765

13

1

0.686

0.7108

0.9462

0.6336

0.6727

0.691

14

1

0.6909

0.716

1.0118

0.6466

0.685

0.7062

15

1

0.6949

0.7203

1.1784

0.659

0.6969

0.7215

16

1

0.6972

0.7232

1.5186

0.6702

0.7078

0.736

17

1

0.6975

0.724

2.0631

0.6794

0.717

0.7489

18

1

0.695

0.7221

2.8038

0.6859

0.7237

0.7593

19

1

0.6892

0.7171

3.7142

0.6889

0.7271

0.7665

20

1

0.6797

0.7082

4.754

0.6877

0.7265

0.7697

22



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