Finance and Economics Discussion Series: Accessible versions of figures for 2025-079

Evaluating Macroeconomic Outcomes Under Asymmetries: Expectations Matter

Accessible version of figures

Figure 1: Unemployment and Inflation Gap Policy Functions over the Natural Rate
Note: Unemployment and inflation gap policy functions are shown over a limited range of the natural rate, between $$\pm $$ 0.85 of $$\sigma _{rn}$$. Policy functions over 3 standard deviations for the natural rate around its mean are shown in Figure C.2 in the appendix.

Unemployment (gap)

Natural rate Unemployment gap Deviations (RE and PF) Unemployment gap Shorfalls under RE Unemployment gap Shortfalls under PF
-0.0022 0.3974 0.5795 0.3974
-0.0011 0.1987 0.3503 0.1987
0.0000 -0.0000 0.1122 0.0000
0.0011 -0.1987 -0.1527 -0.3558
0.0022 -0.3974 -0.4431 -0.7117

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Inflation (gap)

Natural rate Inflation gap Deviations (RE and PF) Inflation gap Shorfalls under RE Inflation gap Shortfalls under PF
-0.0022 -0.3076 0.5715 -0.3076
-0.0011 -0.1538 0.7657 -0.1538
0.0000 -0.0000 0.9642 -0.0000
0.0011 0.1538 1.1686 0.2754
0.0022 0.3076 1.3790 0.5508

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Figure 2: Distributions of Unemployment, Inflation, and Nominal Policy Rate Gaps for Rational Expectations and Perfect Foresight under Deviation and Shortfalls policy rules
(a) Unemployment Distributions 1
(b) Unemployment Distributions 2
(c) Inflation Distributions 1
(d) Inflation Distributions 2
(e) Nominal Interest Rate Distributions 1
(f) Nominal Interest Rate Distributions 2
Note: Distributions shown for 3000 simulations of 1000 periods each. Unemployment gap reported in percentage points. Inflation and nominal policy rate gaps reported in annualized percentage points.

(a) Unemployment Distributions 1

Unemployment gap Deviations - Rational Expectations Deviations - Perfect Foresight
-4.92 0.00 0.00
-4.87 0 0
-4.82 0.00 0.00
-4.77 0.00 0.00
-4.72 0 0
-4.67 0.00 0.00
-4.62 0 0
-4.57 0 0
-4.52 0.00 0.00
-4.47 0.00 0.00
-4.42 0.00 0.00
-4.37 0.00 0.00
-4.32 0.00 0.00
-4.28 0.00 0.00
-4.23 0.00 0.00
-4.18 0.00 0.00
-4.13 0.00 0.00
-4.08 0.00 0.00
-4.03 0.00 0.00
-3.98 0.00 0.00
-3.93 0.00 0.00
-3.88 0.00 0.00
-3.83 0.00 0.00
-3.78 0.00 0.00
-3.73 0.00 0.00
-3.68 0.00 0.00
-3.63 0.00 0.00
-3.58 0.00 0.00
-3.53 0.00 0.00
-3.48 0.00 0.00
-3.43 0.00 0.00
-3.38 0.00 0.00
-3.33 0.00 0.00
-3.28 0.00 0.00
-3.23 0.00 0.00
-3.18 0.00 0.00
-3.13 0.00 0.00
-3.08 0.00 0.00
-3.04 0.01 0.01
-2.99 0.01 0.01
-2.94 0.01 0.01
-2.89 0.01 0.01
-2.84 0.01 0.01
-2.79 0.01 0.01
-2.74 0.01 0.01
-2.69 0.01 0.01
-2.64 0.01 0.01
-2.59 0.02 0.02
-2.54 0.02 0.02
-2.49 0.02 0.02
-2.44 0.02 0.02
-2.39 0.03 0.03
-2.34 0.03 0.03
-2.29 0.03 0.03
-2.24 0.04 0.04
-2.19 0.04 0.04
-2.14 0.04 0.04
-2.09 0.05 0.05
-2.04 0.06 0.06
-1.99 0.06 0.06
-1.94 0.07 0.07
-1.89 0.07 0.07
-1.84 0.08 0.08
-1.80 0.09 0.09
-1.75 0.09 0.09
-1.70 0.10 0.10
-1.65 0.11 0.11
-1.60 0.12 0.12
-1.55 0.13 0.13
-1.50 0.14 0.14
-1.45 0.15 0.15
-1.40 0.16 0.16
-1.35 0.17 0.17
-1.30 0.18 0.18
-1.25 0.19 0.19
-1.20 0.20 0.20
-1.15 0.21 0.21
-1.10 0.22 0.22
-1.05 0.24 0.24
-1.00 0.25 0.25
-0.95 0.26 0.26
-0.90 0.27 0.27
-0.85 0.28 0.28
-0.80 0.29 0.29
-0.75 0.30 0.30
-0.70 0.31 0.31
-0.65 0.32 0.32
-0.60 0.33 0.33
-0.56 0.34 0.34
-0.51 0.35 0.35
-0.46 0.36 0.36
-0.41 0.37 0.37
-0.36 0.37 0.37
-0.31 0.38 0.38
-0.26 0.38 0.38
-0.21 0.39 0.39
-0.16 0.39 0.39
-0.11 0.39 0.39
-0.06 0.39 0.39
-0.01 0.39 0.39
0.04 0.39 0.39
0.09 0.39 0.39
0.14 0.39 0.39
0.19 0.39 0.39
0.24 0.38 0.38
0.29 0.37 0.37
0.34 0.37 0.37
0.39 0.36 0.36
0.44 0.35 0.35
0.49 0.35 0.35
0.54 0.34 0.34
0.59 0.33 0.33
0.64 0.32 0.32
0.68 0.31 0.31
0.73 0.30 0.30
0.78 0.29 0.29
0.83 0.28 0.28
0.88 0.26 0.26
0.93 0.25 0.25
0.98 0.24 0.24
1.03 0.23 0.23
1.08 0.22 0.22
1.13 0.21 0.21
1.18 0.19 0.19
1.23 0.18 0.18
1.28 0.17 0.17
1.33 0.16 0.16
1.38 0.15 0.15
1.43 0.14 0.14
1.48 0.13 0.13
1.53 0.12 0.12
1.58 0.11 0.11
1.63 0.11 0.11
1.68 0.10 0.10
1.73 0.09 0.09
1.78 0.08 0.08
1.83 0.07 0.07
1.88 0.07 0.07
1.92 0.06 0.06
1.97 0.06 0.06
2.02 0.05 0.05
2.07 0.05 0.05
2.12 0.04 0.04
2.17 0.04 0.04
2.22 0.03 0.03
2.27 0.03 0.03
2.32 0.03 0.03
2.37 0.02 0.02
2.42 0.02 0.02
2.47 0.02 0.02
2.52 0.02 0.02
2.57 0.01 0.01
2.62 0.01 0.01
2.67 0.01 0.01
2.72 0.01 0.01
2.77 0.01 0.01
2.82 0.01 0.01
2.87 0.01 0.01
2.92 0.01 0.01
2.97 0.01 0.01
3.02 0.00 0.00
3.07 0.00 0.00
3.12 0.00 0.00
3.16 0.00 0.00
3.21 0.00 0.00
3.26 0.00 0.00
3.31 0.00 0.00
3.36 0.00 0.00
3.41 0.00 0.00
3.46 0.00 0.00
3.51 0.00 0.00
3.56 0.00 0.00
3.61 0.00 0.00
3.66 0.00 0.00
3.71 0.00 0.00
3.76 0.00 0.00
3.81 0.00 0.00
3.86 0.00 0.00
3.91 0.00 0.00
3.96 0.00 0.00
4.01 0.00 0.00
4.06 0.00 0.00
4.11 0.00 0.00
4.16 0.00 0.00
4.21 0.00 0.00
4.26 0.00 0.00
4.31 0.00 0.00
4.36 0.00 0.00
4.40 0.00 0.00
4.45 0.00 0.00
4.50 0 0
4.55 0 0
4.60 0 0
4.65 0 0
4.70 0.00 0.00
4.75 0.00 0.00
4.80 0 0
4.85 0.00 0.00
4.90 0 0
4.95 0.00 0.00

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(b) Unemployment Distributions 2

Unemployment gap Shortfalls - Rational Expectations Shortfalls - Perfect Foresight
-7.90 0.00 0.00
-7.84 0 0
-7.78 0 0
-7.73 0.00 0.00
-7.67 0 0
-7.61 0.00 0.00
-7.55 0 0
-7.49 0.00 0.00
-7.44 0.00 0.00
-7.38 0 0
-7.32 0 0
-7.26 0 0
-7.20 0.00 0.00
-7.14 0 0.00
-7.09 0.00 0.00
-7.03 0.00 0.00
-6.97 0.00 0.00
-6.91 0.00 0.00
-6.85 0.00 0.00
-6.80 0.00 0.00
-6.74 0.00 0.00
-6.68 0.00 0.00
-6.62 0.00 0.00
-6.56 0.00 0.00
-6.51 0.00 0.00
-6.45 0.00 0.00
-6.39 0.00 0.00
-6.33 0.00 0.00
-6.27 0.00 0.00
-6.22 0.00 0.00
-6.16 0.00 0.00
-6.10 0.00 0.00
-6.04 0.00 0.00
-5.98 0.00 0.00
-5.92 0.00 0.00
-5.87 0.00 0.00
-5.81 0.00 0.00
-5.75 0.00 0.00
-5.69 0.00 0.00
-5.63 0.00 0.00
-5.58 0.00 0.00
-5.52 0.00 0.00
-5.46 0.00 0.00
-5.40 0.00 0.00
-5.34 0.00 0.00
-5.29 0.00 0.00
-5.23 0.00 0.00
-5.17 0.00 0.00
-5.11 0.00 0.00
-5.05 0.00 0.00
-5.00 0.00 0.00
-4.94 0.00 0.00
-4.88 0.00 0.00
-4.82 0.00 0.00
-4.76 0.00 0.00
-4.70 0.00 0.00
-4.65 0.00 0.00
-4.59 0.00 0.00
-4.53 0.00 0.00
-4.47 0.00 0.00
-4.41 0.00 0.00
-4.36 0.00 0.00
-4.30 0.00 0.01
-4.24 0.00 0.01
-4.18 0.01 0.01
-4.12 0.01 0.01
-4.07 0.01 0.01
-4.01 0.01 0.01
-3.95 0.01 0.01
-3.89 0.01 0.01
-3.83 0.01 0.01
-3.77 0.01 0.01
-3.72 0.01 0.01
-3.66 0.01 0.01
-3.60 0.01 0.01
-3.54 0.01 0.02
-3.48 0.01 0.02
-3.43 0.02 0.02
-3.37 0.02 0.02
-3.31 0.02 0.02
-3.25 0.02 0.02
-3.19 0.02 0.02
-3.14 0.02 0.03
-3.08 0.02 0.03
-3.02 0.03 0.03
-2.96 0.03 0.03
-2.90 0.03 0.03
-2.85 0.03 0.04
-2.79 0.03 0.04
-2.73 0.04 0.04
-2.67 0.04 0.04
-2.61 0.04 0.05
-2.55 0.04 0.05
-2.50 0.05 0.05
-2.44 0.05 0.06
-2.38 0.05 0.06
-2.32 0.06 0.06
-2.26 0.06 0.06
-2.21 0.07 0.07
-2.15 0.07 0.07
-2.09 0.07 0.08
-2.03 0.08 0.08
-1.97 0.08 0.08
-1.92 0.09 0.09
-1.86 0.09 0.09
-1.80 0.10 0.10
-1.74 0.10 0.10
-1.68 0.11 0.10
-1.63 0.11 0.11
-1.57 0.12 0.11
-1.51 0.12 0.12
-1.45 0.13 0.12
-1.39 0.14 0.13
-1.33 0.14 0.13
-1.28 0.15 0.14
-1.22 0.16 0.14
-1.16 0.17 0.14
-1.10 0.17 0.15
-1.04 0.18 0.15
-0.99 0.18 0.16
-0.93 0.19 0.16
-0.87 0.20 0.16
-0.81 0.21 0.17
-0.75 0.22 0.17
-0.70 0.22 0.18
-0.64 0.23 0.18
-0.58 0.25 0.18
-0.52 0.25 0.19
-0.46 0.26 0.19
-0.41 0.26 0.20
-0.35 0.28 0.20
-0.29 0.29 0.20
-0.23 0.30 0.21
-0.17 0.30 0.21
-0.11 0.30 0.21
-0.06 0.39 0.21
0.00 0.39 0.21
0.06 0.39 0.21
0.12 0.42 0.22
0.18 0.44 0.22
0.23 0.44 0.22
0.29 0.45 0.22
0.35 0.46 0.22
0.41 0.45 0.34
0.47 0.45 0.57
0.52 0.44 0.56
0.58 0.43 0.55
0.64 0.43 0.54
0.70 0.40 0.52
0.76 0.39 0.50
0.82 0.37 0.48
0.87 0.34 0.45
0.93 0.33 0.42
0.99 0.30 0.39
1.05 0.28 0.36
1.11 0.25 0.33
1.16 0.23 0.30
1.22 0.20 0.27
1.28 0.18 0.25
1.34 0.16 0.22
1.40 0.14 0.19
1.45 0.13 0.17
1.51 0.11 0.15
1.57 0.09 0.13
1.63 0.08 0.11
1.69 0.07 0.09
1.74 0.06 0.08
1.80 0.05 0.06
1.86 0.04 0.05
1.92 0.03 0.04
1.98 0.03 0.04
2.04 0.02 0.03
2.09 0.02 0.02
2.15 0.01 0.02
2.21 0.01 0.02
2.27 0.01 0.01
2.33 0.01 0.01
2.38 0.00 0.01
2.44 0.00 0.01
2.50 0.00 0.00
2.56 0.00 0.00
2.62 0.00 0.00
2.67 0.00 0.00
2.73 0.00 0.00
2.79 0.00 0.00
2.85 0.00 0.00
2.91 0.00 0.00
2.96 0.00 0.00
3.02 0.00 0.00
3.08 0.00 0.00
3.14 0.00 0.00
3.20 0.00 0.00
3.26 0.00 0.00
3.31 0.00 0.00
3.37 0.00 0.00
3.43 0 0
3.49 0.00 0.00
3.55 0.00 0.00
3.60 0.00 0.00
3.66 0.00 0.00

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(c) Inflation Distributions 1

Inflation gap Deviations - Rational Expectations Deviations - Perfect Foresight
-3.87 0.00 0.00
-3.83 0 0
-3.79 0.00 0.00
-3.75 0 0
-3.72 0.00 0.00
-3.68 0.00 0.00
-3.64 0 0
-3.60 0 0
-3.56 0 0
-3.52 0 0
-3.49 0.00 0.00
-3.45 0.00 0.00
-3.41 0.00 0.00
-3.37 0.00 0.00
-3.33 0.00 0.00
-3.29 0.00 0.00
-3.26 0.00 0.00
-3.22 0.00 0.00
-3.18 0.00 0.00
-3.14 0.00 0.00
-3.10 0.00 0.00
-3.06 0.00 0.00
-3.03 0.00 0.00
-2.99 0.00 0.00
-2.95 0.00 0.00
-2.91 0.00 0.00
-2.87 0.00 0.00
-2.83 0.00 0.00
-2.79 0.00 0.00
-2.76 0.00 0.00
-2.72 0.00 0.00
-2.68 0.00 0.00
-2.64 0.00 0.00
-2.60 0.00 0.00
-2.56 0.00 0.00
-2.53 0.00 0.00
-2.49 0.00 0.00
-2.45 0.00 0.00
-2.41 0.00 0.00
-2.37 0.01 0.01
-2.33 0.01 0.01
-2.30 0.01 0.01
-2.26 0.01 0.01
-2.22 0.01 0.01
-2.18 0.01 0.01
-2.14 0.01 0.01
-2.10 0.01 0.01
-2.07 0.02 0.02
-2.03 0.02 0.02
-1.99 0.02 0.02
-1.95 0.02 0.02
-1.91 0.03 0.03
-1.87 0.03 0.03
-1.83 0.03 0.03
-1.80 0.04 0.04
-1.76 0.04 0.04
-1.72 0.05 0.05
-1.68 0.05 0.05
-1.64 0.06 0.06
-1.60 0.07 0.07
-1.57 0.07 0.07
-1.53 0.08 0.08
-1.49 0.09 0.09
-1.45 0.09 0.09
-1.41 0.10 0.10
-1.37 0.11 0.11
-1.34 0.12 0.12
-1.30 0.14 0.14
-1.26 0.14 0.14
-1.22 0.16 0.16
-1.18 0.17 0.17
-1.14 0.18 0.18
-1.11 0.19 0.19
-1.07 0.21 0.21
-1.03 0.22 0.22
-0.99 0.24 0.24
-0.95 0.25 0.25
-0.91 0.27 0.27
-0.87 0.28 0.28
-0.84 0.30 0.30
-0.80 0.31 0.31
-0.76 0.33 0.33
-0.72 0.34 0.34
-0.68 0.36 0.36
-0.64 0.37 0.37
-0.61 0.38 0.38
-0.57 0.40 0.40
-0.53 0.41 0.41
-0.49 0.43 0.43
-0.45 0.44 0.44
-0.41 0.45 0.45
-0.38 0.46 0.46
-0.34 0.47 0.47
-0.30 0.48 0.48
-0.26 0.49 0.49
-0.22 0.49 0.49
-0.18 0.50 0.50
-0.15 0.50 0.50
-0.11 0.51 0.51
-0.07 0.51 0.51
-0.03 0.51 0.51
0.01 0.51 0.51
0.05 0.51 0.51
0.09 0.51 0.51
0.12 0.50 0.50
0.16 0.49 0.49
0.20 0.49 0.49
0.24 0.48 0.48
0.28 0.48 0.48
0.32 0.47 0.47
0.35 0.45 0.45
0.39 0.44 0.44
0.43 0.43 0.43
0.47 0.42 0.42
0.51 0.40 0.40
0.55 0.39 0.39
0.58 0.38 0.38
0.62 0.36 0.36
0.66 0.35 0.35
0.70 0.33 0.33
0.74 0.32 0.32
0.78 0.30 0.30
0.81 0.29 0.29
0.85 0.27 0.27
0.89 0.26 0.26
0.93 0.24 0.24
0.97 0.23 0.23
1.01 0.22 0.22
1.05 0.20 0.20
1.08 0.19 0.19
1.12 0.18 0.18
1.16 0.17 0.17
1.20 0.15 0.15
1.24 0.14 0.14
1.28 0.13 0.13
1.31 0.12 0.12
1.35 0.11 0.11
1.39 0.10 0.10
1.43 0.09 0.09
1.47 0.08 0.08
1.51 0.08 0.08
1.54 0.07 0.07
1.58 0.06 0.06
1.62 0.06 0.06
1.66 0.05 0.05
1.70 0.05 0.05
1.74 0.04 0.04
1.77 0.04 0.04
1.81 0.03 0.03
1.85 0.03 0.03
1.89 0.03 0.03
1.93 0.02 0.02
1.97 0.02 0.02
2.01 0.02 0.02
2.04 0.02 0.02
2.08 0.01 0.01
2.12 0.01 0.01
2.16 0.01 0.01
2.20 0.01 0.01
2.24 0.01 0.01
2.27 0.01 0.01
2.31 0.01 0.01
2.35 0.01 0.01
2.39 0.00 0.00
2.43 0.00 0.00
2.47 0.00 0.00
2.50 0.00 0.00
2.54 0.00 0.00
2.58 0.00 0.00
2.62 0.00 0.00
2.66 0.00 0.00
2.70 0.00 0.00
2.73 0.00 0.00
2.77 0.00 0.00
2.81 0.00 0.00
2.85 0.00 0.00
2.89 0.00 0.00
2.93 0.00 0.00
2.97 0.00 0.00
3.00 0.00 0.00
3.04 0.00 0.00
3.08 0.00 0.00
3.12 0.00 0.00
3.16 0.00 0.00
3.20 0.00 0.00
3.23 0.00 0.00
3.27 0.00 0.00
3.31 0.00 0.00
3.35 0.00 0.00
3.39 0.00 0.00
3.43 0.00 0.00
3.46 0.00 0.00
3.50 0 0
3.54 0 0
3.58 0.00 0.00
3.62 0 0
3.66 0.00 0.00
3.69 0.00 0.00
3.73 0 0
3.77 0.00 0.00

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(d) Inflation Distributions 2

Inflation gap Shortfalls - Rational Expectations Shortfalls - Perfect Foresight
-1.72 0.00 0.00
-1.68 0 0.00
-1.63 0.00 0.00
-1.59 0.00 0.00
-1.55 0.00 0
-1.50 0 0.00
-1.46 0 0.00
-1.42 0.00 0.00
-1.37 0.00 0.00
-1.33 0.00 0.00
-1.29 0.00 0.00
-1.24 0.00 0.00
-1.20 0.00 0.00
-1.16 0.00 0.00
-1.11 0.00 0.00
-1.07 0.00 0.00
-1.03 0.00 0.00
-0.98 0.00 0.00
-0.94 0.00 0.00
-0.90 0.00 0.00
-0.85 0.00 0.01
-0.81 0.00 0.01
-0.77 0.00 0.01
-0.72 0.00 0.01
-0.68 0.00 0.02
-0.64 0.00 0.02
-0.59 0.01 0.02
-0.55 0.01 0.03
-0.50 0.01 0.04
-0.46 0.01 0.05
-0.42 0.01 0.05
-0.37 0.02 0.07
-0.33 0.02 0.08
-0.29 0.02 0.10
-0.24 0.03 0.11
-0.20 0.03 0.13
-0.16 0.04 0.16
-0.11 0.05 0.19
-0.07 0.05 0.21
-0.03 0.06 0.24
0.02 0.07 0.27
0.06 0.08 0.31
0.10 0.09 0.35
0.15 0.10 0.39
0.19 0.12 0.43
0.23 0.13 0.46
0.28 0.15 0.50
0.32 0.17 0.54
0.36 0.18 0.57
0.41 0.20 0.61
0.45 0.21 0.64
0.49 0.24 0.66
0.54 0.26 0.69
0.58 0.28 0.71
0.62 0.29 0.73
0.67 0.31 0.73
0.71 0.34 0.53
0.75 0.35 0.28
0.80 0.37 0.28
0.84 0.39 0.28
0.88 0.40 0.28
0.93 0.42 0.28
0.97 0.44 0.28
1.01 0.45 0.27
1.06 0.45 0.28
1.10 0.46 0.27
1.14 0.48 0.27
1.19 0.48 0.27
1.23 0.48 0.26
1.27 0.49 0.26
1.32 0.50 0.25
1.36 0.49 0.25
1.40 0.49 0.25
1.45 0.49 0.24
1.49 0.48 0.24
1.53 0.47 0.23
1.58 0.47 0.23
1.62 0.47 0.22
1.67 0.44 0.21
1.71 0.43 0.21
1.75 0.43 0.21
1.80 0.42 0.20
1.84 0.40 0.19
1.88 0.39 0.19
1.93 0.38 0.18
1.97 0.37 0.18
2.01 0.36 0.17
2.06 0.34 0.16
2.10 0.33 0.16
2.14 0.32 0.15
2.19 0.31 0.15
2.23 0.29 0.14
2.27 0.28 0.14
2.32 0.27 0.13
2.36 0.26 0.13
2.40 0.25 0.12
2.45 0.23 0.11
2.49 0.22 0.11
2.53 0.21 0.10
2.58 0.20 0.10
2.62 0.19 0.09
2.66 0.18 0.09
2.71 0.17 0.08
2.75 0.16 0.08
2.79 0.15 0.08
2.84 0.14 0.07
2.88 0.13 0.07
2.92 0.12 0.07
2.97 0.12 0.06
3.01 0.11 0.06
3.05 0.10 0.05
3.10 0.10 0.05
3.14 0.09 0.05
3.18 0.08 0.04
3.23 0.08 0.04
3.27 0.07 0.04
3.31 0.07 0.04
3.36 0.06 0.03
3.40 0.06 0.03
3.44 0.05 0.03
3.49 0.05 0.03
3.53 0.05 0.03
3.57 0.04 0.02
3.62 0.04 0.02
3.66 0.04 0.02
3.71 0.03 0.02
3.75 0.03 0.02
3.79 0.03 0.02
3.84 0.02 0.01
3.88 0.02 0.01
3.92 0.02 0.01
3.97 0.02 0.01
4.01 0.02 0.01
4.05 0.02 0.01
4.10 0.01 0.01
4.14 0.01 0.01
4.18 0.01 0.01
4.23 0.01 0.01
4.27 0.01 0.01
4.31 0.01 0.01
4.36 0.01 0.01
4.40 0.01 0.00
4.44 0.01 0.00
4.49 0.01 0.00
4.53 0.01 0.00
4.57 0.00 0.00
4.62 0.00 0.00
4.66 0.00 0.00
4.70 0.00 0.00
4.75 0.00 0.00
4.79 0.00 0.00
4.83 0.00 0.00
4.88 0.00 0.00
4.92 0.00 0.00
4.96 0.00 0.00
5.01 0.00 0.00
5.05 0.00 0.00
5.09 0.00 0.00
5.14 0.00 0.00
5.18 0.00 0.00
5.22 0.00 0.00
5.27 0.00 0.00
5.31 0.00 0.00
5.35 0.00 0.00
5.40 0.00 0.00
5.44 0.00 0.00
5.48 0.00 0.00
5.53 0.00 0.00
5.57 0.00 0.00
5.61 0.00 0.00
5.66 0.00 0.00
5.70 0.00 0.00
5.74 0.00 0.00
5.79 0.00 0.00
5.83 0.00 0.00
5.88 0.00 0.00
5.92 0.00 0.00
5.96 0.00 0.00
6.01 0.00 0.00
6.05 0.00 0.00
6.09 0.00 0.00
6.14 0.00 0.00
6.18 0.00 0.00
6.22 0.00 0.00
6.27 0.00 0.00
6.31 0.00 0.00
6.35 0.00 0.00
6.40 0 0
6.44 0.00 0.00
6.48 0 0
6.53 0 0
6.57 0 0
6.61 0.00 0.00
6.66 0 0
6.70 0.00 0.00
6.74 0.00 0.00
6.79 0.00 0.00
6.83 0 0
6.87 0 0
6.92 0.00 0.00

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(e) Nominal Interest Rate Distributions 1

Nominal interest rate gap Deviations - Rational Expectations Deviations - Perfect Foresight
-15.80 0.00 0.00
-15.64 0 0
-15.49 0.00 0.00
-15.33 0 0
-15.17 0.00 0.00
-15.02 0.00 0.00
-14.86 0 0
-14.70 0 0
-14.55 0 0
-14.39 0 0
-14.23 0.00 0.00
-14.08 0.00 0.00
-13.92 0.00 0.00
-13.77 0.00 0.00
-13.61 0.00 0.00
-13.45 0.00 0.00
-13.30 0.00 0.00
-13.14 0.00 0.00
-12.98 0.00 0.00
-12.83 0.00 0.00
-12.67 0.00 0.00
-12.51 0.00 0.00
-12.36 0.00 0.00
-12.20 0.00 0.00
-12.04 0.00 0.00
-11.89 0.00 0.00
-11.73 0.00 0.00
-11.57 0.00 0.00
-11.42 0.00 0.00
-11.26 0.00 0.00
-11.11 0.00 0.00
-10.95 0.00 0.00
-10.79 0.00 0.00
-10.64 0.00 0.00
-10.48 0.00 0.00
-10.32 0.00 0.00
-10.17 0.00 0.00
-10.01 0.00 0.00
-9.85 0.00 0.00
-9.70 0.00 0.00
-9.54 0.00 0.00
-9.38 0.00 0.00
-9.23 0.00 0.00
-9.07 0.00 0.00
-8.91 0.00 0.00
-8.76 0.00 0.00
-8.60 0.00 0.00
-8.44 0.00 0.00
-8.29 0.00 0.00
-8.13 0.01 0.01
-7.97 0.01 0.01
-7.82 0.01 0.01
-7.66 0.01 0.01
-7.51 0.01 0.01
-7.35 0.01 0.01
-7.19 0.01 0.01
-7.04 0.01 0.01
-6.88 0.01 0.01
-6.72 0.01 0.01
-6.57 0.02 0.02
-6.41 0.02 0.02
-6.25 0.02 0.02
-6.10 0.02 0.02
-5.94 0.02 0.02
-5.78 0.03 0.03
-5.63 0.03 0.03
-5.47 0.03 0.03
-5.31 0.03 0.03
-5.16 0.04 0.04
-5.00 0.04 0.04
-4.84 0.04 0.04
-4.69 0.04 0.04
-4.53 0.05 0.05
-4.38 0.05 0.05
-4.22 0.05 0.05
-4.06 0.06 0.06
-3.91 0.06 0.06
-3.75 0.06 0.06
-3.59 0.07 0.07
-3.44 0.07 0.07
-3.28 0.08 0.08
-3.12 0.08 0.08
-2.97 0.08 0.08
-2.81 0.09 0.09
-2.65 0.09 0.09
-2.50 0.09 0.09
-2.34 0.10 0.10
-2.18 0.10 0.10
-2.03 0.10 0.10
-1.87 0.11 0.11
-1.72 0.11 0.11
-1.56 0.11 0.11
-1.40 0.11 0.11
-1.25 0.12 0.12
-1.09 0.12 0.12
-0.93 0.12 0.12
-0.78 0.12 0.12
-0.62 0.12 0.12
-0.46 0.12 0.12
-0.31 0.12 0.12
-0.15 0.12 0.12
0.01 0.12 0.12
0.16 0.12 0.12
0.32 0.12 0.12
0.48 0.12 0.12
0.63 0.12 0.12
0.79 0.12 0.12
0.95 0.12 0.12
1.10 0.12 0.12
1.26 0.11 0.11
1.42 0.11 0.11
1.57 0.11 0.11
1.73 0.11 0.11
1.88 0.10 0.10
2.04 0.10 0.10
2.20 0.10 0.10
2.35 0.09 0.09
2.51 0.09 0.09
2.67 0.09 0.09
2.82 0.08 0.08
2.98 0.08 0.08
3.14 0.08 0.08
3.29 0.07 0.07
3.45 0.07 0.07
3.61 0.06 0.06
3.76 0.06 0.06
3.92 0.06 0.06
4.08 0.05 0.05
4.23 0.05 0.05
4.39 0.05 0.05
4.54 0.04 0.04
4.70 0.04 0.04
4.86 0.04 0.04
5.01 0.04 0.04
5.17 0.03 0.03
5.33 0.03 0.03
5.48 0.03 0.03
5.64 0.03 0.03
5.80 0.02 0.02
5.95 0.02 0.02
6.11 0.02 0.02
6.27 0.02 0.02
6.42 0.02 0.02
6.58 0.01 0.01
6.74 0.01 0.01
6.89 0.01 0.01
7.05 0.01 0.01
7.21 0.01 0.01
7.36 0.01 0.01
7.52 0.01 0.01
7.67 0.01 0.01
7.83 0.01 0.01
7.99 0.01 0.01
8.14 0.00 0.00
8.30 0.00 0.00
8.46 0.00 0.00
8.61 0.00 0.00
8.77 0.00 0.00
8.93 0.00 0.00
9.08 0.00 0.00
9.24 0.00 0.00
9.40 0.00 0.00
9.55 0.00 0.00
9.71 0.00 0.00
9.87 0.00 0.00
10.02 0.00 0.00
10.18 0.00 0.00
10.34 0.00 0.00
10.49 0.00 0.00
10.65 0.00 0.00
10.80 0.00 0.00
10.96 0.00 0.00
11.12 0.00 0.00
11.27 0.00 0.00
11.43 0.00 0.00
11.59 0.00 0.00
11.74 0.00 0.00
11.90 0.00 0.00
12.06 0.00 0.00
12.21 0.00 0.00
12.37 0.00 0.00
12.53 0.00 0.00
12.68 0.00 0.00
12.84 0.00 0.00
13.00 0.00 0.00
13.15 0.00 0.00
13.31 0.00 0.00
13.47 0.00 0.00
13.62 0.00 0.00
13.78 0.00 0.00
13.94 0.00 0.00
14.09 0.00 0.00
14.25 0.00 0.00
14.40 0 0
14.56 0.00 0.00
14.72 0.00 0.00
14.87 0.00 0.00
15.03 0.00 0.00
15.19 0 0
15.34 0.00 0.00

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(f) Nominal Interest Rate Distributions 2

Nominal interest rate gap Shortfalls - Rational Expectations Shortfalls - Perfect Foresight
-10 0.00 0.00
-9.90 0 0.00
-9.80 0.00 0.00
-9.69 0 0
-9.59 0.00 0.00
-9.49 0.00 0.00
-9.39 0.00 0.00
-9.29 0 0
-9.18 0 0
-9.08 0 0
-8.98 0 0.00
-8.88 0.00 0.00
-8.77 0.00 0.00
-8.67 0.00 0.00
-8.57 0.00 0.00
-8.47 0.00 0.00
-8.37 0.00 0.00
-8.26 0.00 0.00
-8.16 0.00 0.00
-8.06 0.00 0.00
-7.96 0.00 0.00
-7.86 0.00 0.00
-7.75 0.00 0.00
-7.65 0.00 0.00
-7.55 0.00 0.00
-7.45 0.00 0.00
-7.35 0.00 0.00
-7.24 0.00 0.00
-7.14 0.00 0.00
-7.04 0.00 0.00
-6.94 0.00 0.00
-6.83 0.00 0.00
-6.73 0.00 0.00
-6.63 0.00 0.00
-6.53 0.00 0.00
-6.43 0.00 0.00
-6.32 0.00 0.00
-6.22 0.00 0.00
-6.12 0.00 0.00
-6.02 0.00 0.00
-5.92 0.00 0.00
-5.81 0.00 0.00
-5.71 0.00 0.00
-5.61 0.00 0.00
-5.51 0.00 0.00
-5.41 0.00 0.00
-5.30 0.00 0.00
-5.20 0.00 0.00
-5.10 0.00 0.01
-5.00 0.00 0.01
-4.89 0.00 0.01
-4.79 0.01 0.01
-4.69 0.01 0.01
-4.59 0.01 0.01
-4.49 0.01 0.01
-4.38 0.01 0.01
-4.28 0.01 0.01
-4.18 0.01 0.02
-4.08 0.01 0.02
-3.98 0.01 0.02
-3.87 0.01 0.02
-3.77 0.01 0.02
-3.67 0.02 0.03
-3.57 0.02 0.03
-3.47 0.02 0.03
-3.36 0.02 0.03
-3.26 0.02 0.04
-3.16 0.02 0.04
-3.06 0.03 0.04
-2.96 0.03 0.05
-2.85 0.03 0.05
-2.75 0.03 0.05
-2.65 0.04 0.06
-2.55 0.04 0.06
-2.44 0.04 0.07
-2.34 0.05 0.07
-2.24 0.05 0.08
-2.14 0.05 0.08
-2.04 0.05 0.09
-1.93 0.06 0.09
-1.83 0.06 0.10
-1.73 0.06 0.10
-1.63 0.07 0.11
-1.53 0.07 0.11
-1.42 0.08 0.12
-1.32 0.08 0.12
-1.22 0.08 0.13
-1.12 0.09 0.13
-1.02 0.09 0.14
-0.91 0.09 0.14
-0.81 0.10 0.15
-0.71 0.10 0.15
-0.61 0.10 0.16
-0.50 0.11 0.16
-0.40 0.11 0.16
-0.30 0.11 0.17
-0.20 0.11 0.17
-0.10 0.12 0.17
0.01 0.12 0.18
0.11 0.12 0.18
0.21 0.13 0.18
0.31 0.12 0.18
0.41 0.13 0.18
0.52 0.13 0.18
0.62 0.13 0.19
0.72 0.13 0.19
0.82 0.13 0.19
0.92 0.13 0.19
1.03 0.13 0.18
1.13 0.13 0.18
1.23 0.14 0.18
1.33 0.13 0.18
1.44 0.13 0.17
1.54 0.13 0.17
1.64 0.13 0.16
1.74 0.13 0.16
1.84 0.13 0.15
1.95 0.12 0.15
2.05 0.12 0.14
2.15 0.12 0.14
2.25 0.12 0.13
2.35 0.13 0.13
2.46 0.30 0.12
2.56 0.29 0.12
2.66 0.28 0.11
2.76 0.27 0.10
2.86 0.25 0.10
2.97 0.24 0.09
3.07 0.23 0.09
3.17 0.21 0.08
3.27 0.20 0.08
3.38 0.19 0.07
3.48 0.18 0.07
3.58 0.16 0.06
3.68 0.15 0.06
3.78 0.14 0.05
3.89 0.13 0.05
3.99 0.12 0.05
4.09 0.11 0.04
4.19 0.10 0.04
4.29 0.09 0.03
4.40 0.08 0.03
4.50 0.07 0.03
4.60 0.07 0.03
4.70 0.06 0.02
4.80 0.05 0.02
4.91 0.05 0.02
5.01 0.04 0.02
5.11 0.04 0.02
5.21 0.03 0.01
5.32 0.03 0.01
5.42 0.03 0.01
5.52 0.02 0.01
5.62 0.02 0.01
5.72 0.02 0.01
5.83 0.01 0.01
5.93 0.01 0.01
6.03 0.01 0.00
6.13 0.01 0.00
6.23 0.01 0.00
6.34 0.01 0.00
6.44 0.01 0.00
6.54 0.01 0.00
6.64 0.00 0.00
6.74 0.00 0.00
6.85 0.00 0.00
6.95 0.00 0.00
7.05 0.00 0.00
7.15 0.00 0.00
7.25 0.00 0.00
7.36 0.00 0.00
7.46 0.00 0.00
7.56 0.00 0.00
7.66 0.00 0.00
7.77 0.00 0.00
7.87 0.00 0.00
7.97 0.00 0.00
8.07 0.00 0.00
8.17 0.00 0.00
8.28 0.00 0.00
8.38 0.00 0.00
8.48 0.00 0.00
8.58 0.00 0.00
8.68 0.00 0.00
8.79 0.00 0.00
8.89 0.00 0.00
8.99 0.00 0.00
9.09 0.00 0.00
9.19 0.00 0.00
9.30 0.00 0.00
9.40 0.00 0.00
9.50 0.00 0.00
9.60 0.00 0.00
9.71 0 0
9.81 0 0.00
9.91 0.00 0.00
10.01 0.00 0.00
10.11 0.00 0.00
10.22 0.00 0
10.32 0.00 0.00

Return to text


Figure 3: Impulse responses to Natural Rate Shocks
(a) Positive demand shock <br< (b) Negative demand shock
Note: Impulse responses to a one time innovation are computed according to (11) and equilibrium policy functions for unemployment and inflation gaps under either rational expectations or perfect foresight.

(a) Positive demand shock

IRF period Unemployment gap - Deviations Unemployment gap - Shortfalls, Rational Expectations Unemployment gap - Shortfalls, Perfect Foresight Inflation gap - Deviations Inflation gap - Shortfalls, Rational Expectations Inflation gap - Shortfalls, Perfect Foresight
0 -0.4416 -0.6223 -0.7907 0.3418 0.4626 0.6125
1 -0.3975 -0.5554 -0.7116 0.3076 0.4148 0.5513
2 -0.3577 -0.4973 -0.6404 0.2768 0.3728 0.4962
3 -0.3219 -0.4450 -0.5764 0.2492 0.3349 0.4467
4 -0.2898 -0.3980 -0.5188 0.2242 0.3008 0.4021
5 -0.2608 -0.3556 -0.4669 0.2018 0.2702 0.3619
6 -0.2347 -0.3175 -0.4202 0.1816 0.2425 0.3258
7 -0.2112 -0.2832 -0.3782 0.1635 0.2177 0.2933
8 -0.1901 -0.2535 -0.3404 0.1471 0.1956 0.2640
9 -0.1711 -0.2281 -0.3064 0.1324 0.1760 0.2377
10 -0.1540 -0.2053 -0.2758 0.1192 0.1584 0.2139
11 -0.1386 -0.1848 -0.2483 0.1073 0.1426 0.1926
12 -0.1247 -0.1663 -0.2235 0.0965 0.1283 0.1734
13 -0.1123 -0.1497 -0.2012 0.0869 0.1155 0.1561
14 -0.1010 -0.1347 -0.1811 0.0782 0.1039 0.1405
15 -0.0909 -0.1212 -0.1630 0.0704 0.0936 0.1265
16 -0.0818 -0.1091 -0.1468 0.0633 0.0842 0.1139
17 -0.0737 -0.0982 -0.1322 0.0570 0.0758 0.1025
18 -0.0663 -0.0884 -0.1190 0.0513 0.0682 0.0923
19 -0.0597 -0.0795 -0.1072 0.0462 0.0614 0.0831
20 -0.0537 -0.0716 -0.0965 0.0416 0.0552 0.0748
21 -0.0483 -0.0644 -0.0869 0.0374 0.0497 0.0673
22 -0.0435 -0.0580 -0.0783 0.0337 0.0447 0.0606
23 -0.0391 -0.0522 -0.0705 0.0303 0.0403 0.0546
24 -0.0352 -0.0470 -0.0635 0.0273 0.0362 0.0491
25 -0.0317 -0.0423 -0.0572 0.0245 0.0326 0.0442
26 -0.0285 -0.0380 -0.0516 0.0221 0.0294 0.0398
27 -0.0257 -0.0342 -0.0465 0.0199 0.0264 0.0358
28 -0.0231 -0.0308 -0.0419 0.0179 0.0238 0.0322
29 -0.0208 -0.0277 -0.0378 0.0161 0.0214 0.0289
30 -0.0187 -0.0250 -0.0341 0.0145 0.0193 0.0260
31 -0.0168 -0.0225 -0.0307 0.0130 0.0173 0.0234
32 -0.0152 -0.0202 -0.0277 0.0117 0.0156 0.0210
33 -0.0136 -0.0182 -0.0250 0.0106 0.0140 0.0188
34 -0.0123 -0.0164 -0.0226 0.0095 0.0126 0.0169
35 -0.0111 -0.0147 -0.0204 0.0086 0.0114 0.0151
36 -0.0099 -0.0133 -0.0184 0.0077 0.0102 0.0136
37 -0.0090 -0.0119 -0.0166 0.0069 0.0092 0.0121
38 -0.0081 -0.0107 -0.0150 0.0062 0.0083 0.0109
39 -0.0073 -0.0097 -0.0135 0.0056 0.0075 0.0097
40 -0.0065 -0.0087 -0.0122 0.0051 0.0067 0.0086
41 -0.0059 -0.0078 -0.0110 0.0045 0.0060 0.0077
42 -0.0053 -0.0071 -0.0099 0.0041 0.0054 0.0068
43 -0.0048 -0.0063 -0.0090 0.0037 0.0049 0.0061
44 -0.0043 -0.0057 -0.0081 0.0033 0.0044 0.0054
45 -0.0039 -0.0051 -0.0073 0.0030 0.0040 0.0047
46 -0.0035 -0.0046 -0.0066 0.0027 0.0036 0.0042
47 -0.0031 -0.0042 -0.0059 0.0024 0.0032 0.0037
48 -0.0028 -0.0037 -0.0053 0.0022 0.0029 0.0032
49 -0.0025 -0.0034 -0.0048 0.0020 0.0026 0.0028
50 -0.0023 -0.0030 -0.0043 0.0018 0.0023 0.0024
51 -0.0020 -0.0027 -0.0038 0.0016 0.0021 0.0021
52 -0.0018 -0.0025 -0.0034 0.0014 0.0019 0.0018
53 -0.0017 -0.0022 -0.0030 0.0013 0.0017 0.0015
54 -0.0015 -0.0020 -0.0027 0.0012 0.0015 0.0013
55 -0.0013 -0.0018 -0.0024 0.0010 0.0014 0.0011
56 -0.0012 -0.0016 -0.0021 0.0009 0.0012 0.0009
57 -0.0011 -0.0015 -0.0018 0.0008 0.0011 0.0007
58 -0.0010 -0.0013 -0.0016 0.0008 0.0010 0.0006
59 -0.0009 -0.0012 -0.0013 0.0007 0.0009 0.0005
60 -0.0008 -0.0011 -0.0011 0.0006 0.0008 0.0004
61 -0.0007 -0.0010 -0.0009 0.0006 0.0007 0.0003
62 -0.0006 -0.0009 -0.0008 0.0005 0.0007 0.0002
63 -0.0006 -0.0008 -0.0006 0.0004 0.0006 0.0001
64 -0.0005 -0.0007 -0.0005 0.0004 0.0005 0.0001
65 -0.0005 -0.0006 -0.0003 0.0004 0.0005 0.0000
66 -0.0004 -0.0006 -0.0002 0.0003 0.0004 0.0000
67 -0.0004 -0.0005 -0.0001 0.0003 0.0004 0.0000
68 -0.0003 -0.0005 0.0000 0.0003 0.0004 0.0000
69 -0.0003 -0.0004 0.0000 0.0002 0.0003 0.0000
70 -0.0003 -0.0004 0.0000 0.0002 0.0003 0.0000
71 -0.0002 -0.0003 0.0000 0.0002 0.0003 0.0000
72 -0.0002 -0.0003 0.0000 0.0002 0.0002 0.0000
73 -0.0002 -0.0003 0.0000 0.0002 0.0002 0.0000
74 -0.0002 -0.0002 0.0000 0.0001 0.0002 0.0000
75 -0.0002 -0.0002 0.0000 0.0001 0.0002 0.0000
76 -0.0001 -0.0002 0.0000 0.0001 0.0002 0.0000
77 -0.0001 -0.0002 0.0000 0.0001 0.0001 0.0000
78 -0.0001 -0.0002 0.0000 0.0001 0.0001 0.0000
79 -0.0001 -0.0001 0.0000 0.0001 0.0001 0.0000

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(b) Negative demand shock

IRF period Unemployment gap - Deviations Unemployment gap - Shortfalls, Rational Expectations Unemployment gap - Shortfalls, Perfect Foresight Inflation gap - Deviations Inflation gap - Shortfalls, Rational Expectations Inflation gap - Shortfalls, Perfect Foresight
0 0.4416 0.5166 0.4416 -0.3418 -0.4350 -0.3418
1 0.3975 0.4673 0.3975 -0.3076 -0.3927 -0.3076
2 0.3577 0.4215 0.3577 -0.2768 -0.3539 -0.2768
3 0.3219 0.3802 0.3220 -0.2492 -0.3189 -0.2491
4 0.2898 0.3431 0.2898 -0.2242 -0.2875 -0.2242
5 0.2608 0.3097 0.2608 -0.2018 -0.2592 -0.2018
6 0.2347 0.2796 0.2347 -0.1816 -0.2337 -0.1816
7 0.2112 0.2526 0.2113 -0.1635 -0.2107 -0.1634
8 0.1901 0.2278 0.1901 -0.1471 -0.1899 -0.1471
9 0.1711 0.2050 0.1711 -0.1324 -0.1709 -0.1324
10 0.1540 0.1845 0.1540 -0.1192 -0.1538 -0.1191
11 0.1386 0.1661 0.1386 -0.1073 -0.1384 -0.1072
12 0.1247 0.1495 0.1248 -0.0965 -0.1246 -0.0965
13 0.1123 0.1345 0.1123 -0.0869 -0.1121 -0.0868
14 0.1010 0.1211 0.1011 -0.0782 -0.1009 -0.0781
15 0.0909 0.1090 0.0910 -0.0704 -0.0908 -0.0703
16 0.0818 0.0981 0.0819 -0.0633 -0.0817 -0.0633
17 0.0737 0.0883 0.0737 -0.0570 -0.0736 -0.0569
18 0.0663 0.0794 0.0663 -0.0513 -0.0662 -0.0512
19 0.0597 0.0715 0.0597 -0.0462 -0.0596 -0.0461
20 0.0537 0.0643 0.0537 -0.0416 -0.0536 -0.0415
21 0.0483 0.0579 0.0484 -0.0374 -0.0483 -0.0373
22 0.0435 0.0521 0.0435 -0.0337 -0.0434 -0.0336
23 0.0391 0.0469 0.0392 -0.0303 -0.0391 -0.0302
24 0.0352 0.0422 0.0353 -0.0273 -0.0352 -0.0272
25 0.0317 0.0380 0.0318 -0.0245 -0.0317 -0.0244
26 0.0285 0.0342 0.0286 -0.0221 -0.0285 -0.0220
27 0.0257 0.0308 0.0257 -0.0199 -0.0257 -0.0198
28 0.0231 0.0277 0.0232 -0.0179 -0.0231 -0.0178
29 0.0208 0.0249 0.0209 -0.0161 -0.0208 -0.0160
30 0.0187 0.0224 0.0188 -0.0145 -0.0187 -0.0144
31 0.0168 0.0202 0.0169 -0.0130 -0.0168 -0.0129
32 0.0152 0.0182 0.0152 -0.0117 -0.0151 -0.0116
33 0.0136 0.0164 0.0137 -0.0106 -0.0136 -0.0104
34 0.0123 0.0147 0.0124 -0.0095 -0.0123 -0.0094
35 0.0111 0.0132 0.0111 -0.0086 -0.0110 -0.0084
36 0.0099 0.0119 0.0100 -0.0077 -0.0099 -0.0075
37 0.0090 0.0107 0.0090 -0.0069 -0.0089 -0.0068
38 0.0081 0.0097 0.0082 -0.0062 -0.0081 -0.0061
39 0.0073 0.0087 0.0074 -0.0056 -0.0072 -0.0054
40 0.0065 0.0078 0.0066 -0.0051 -0.0065 -0.0049
41 0.0059 0.0070 0.0060 -0.0045 -0.0059 -0.0043
42 0.0053 0.0063 0.0054 -0.0041 -0.0053 -0.0039
43 0.0048 0.0057 0.0049 -0.0037 -0.0048 -0.0035
44 0.0043 0.0051 0.0044 -0.0033 -0.0043 -0.0031
45 0.0039 0.0046 0.0040 -0.0030 -0.0039 -0.0027
46 0.0035 0.0042 0.0036 -0.0027 -0.0035 -0.0024
47 0.0031 0.0037 0.0032 -0.0024 -0.0031 -0.0022
48 0.0028 0.0034 0.0029 -0.0022 -0.0028 -0.0019
49 0.0025 0.0030 0.0026 -0.0020 -0.0025 -0.0017
50 0.0023 0.0027 0.0024 -0.0018 -0.0023 -0.0015
51 0.0020 0.0025 0.0021 -0.0016 -0.0020 -0.0013
52 0.0018 0.0022 0.0019 -0.0014 -0.0018 -0.0011
53 0.0017 0.0020 0.0017 -0.0013 -0.0017 -0.0010
54 0.0015 0.0018 0.0016 -0.0012 -0.0015 -0.0008
55 0.0013 0.0016 0.0014 -0.0010 -0.0013 -0.0007
56 0.0012 0.0014 0.0013 -0.0009 -0.0012 -0.0006
57 0.0011 0.0013 0.0011 -0.0008 -0.0011 -0.0005
58 0.0010 0.0012 0.0010 -0.0008 -0.0010 -0.0004
59 0.0009 0.0011 0.0009 -0.0007 -0.0009 -0.0003
60 0.0008 0.0010 0.0008 -0.0006 -0.0008 -0.0003
61 0.0007 0.0009 0.0007 -0.0006 -0.0007 -0.0002
62 0.0006 0.0008 0.0006 -0.0005 -0.0006 -0.0002
63 0.0006 0.0007 0.0005 -0.0004 -0.0006 -0.0001
64 0.0005 0.0006 0.0004 -0.0004 -0.0005 -0.0001
65 0.0005 0.0006 0.0003 -0.0004 -0.0005 -0.0000
66 0.0004 0.0005 0.0002 -0.0003 -0.0004 -0.0000
67 0.0004 0.0005 0.0001 -0.0003 -0.0004 -0.0000
68 0.0003 0.0004 0.0000 -0.0003 -0.0003 0.0000
69 0.0003 0.0004 0.0000 -0.0002 -0.0003 0.0000
70 0.0003 0.0003 0.0000 -0.0002 -0.0003 0.0000
71 0.0002 0.0003 0.0000 -0.0002 -0.0002 0.0000
72 0.0002 0.0003 0.0000 -0.0002 -0.0002 0.0000
73 0.0002 0.0002 0.0000 -0.0002 -0.0002 0.0000
74 0.0002 0.0002 0.0000 -0.0001 -0.0002 0.0000
75 0.0002 0.0002 0.0000 -0.0001 -0.0002 0.0000
76 0.0001 0.0002 0.0000 -0.0001 -0.0001 0.0000
77 0.0001 0.0002 0.0000 -0.0001 -0.0001 0.0000
78 0.0001 0.0001 0.0000 -0.0001 -0.0001 0.0000
79 0.0001 0.0001 0.0000 -0.0001 -0.0001 0.0000

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Figure 4: Long Run Phillips Curve under a Shortfalls Approach
Note: Moments calculated on 3000 simulations each of 1000 period length. Unemployment gap reported in percentage points. Inflation gap reported in annualized percentage points.

phi_u Rational Expectations - Mean Unemployment Gap Rational Expectations - Mean Inflation Gap Perfect Foresight - Mean Unemployment Gap Perfect Foresight - Mean Inflation Gap
-0.50 -0.08 1.60 -0.45 0.35
-0.40 -0.07 1.40 -0.41 0.32
-0.30 -0.06 1.16 -0.36 0.28
-0.20 -0.04 0.87 -0.28 0.22
-0.10 -0.03 0.50 -0.18 0.14
0 -0.00 0.00 -0.00 0.00

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Figure B.1: Perfect Foresight Policy Functions - Comparing Two Solution Methods
(a) Deviations
(b) Shortfalls

(a) Deviations

Natural rate Deviations - Unemployment gap - PF - projection Deviations - Unemployment gap - PF - shooting Deviations - Inflation gap - PF - projection Deviations - Inflation gap - PF - shooting
-0.0585 10.3323 10.3323 -7.9964 -7.9964
-0.0574 10.1336 10.1336 -7.8426 -7.8426
-0.0562 9.9349 9.9349 -7.6889 -7.6888
-0.0551 9.7362 9.7362 -7.5351 -7.5350
-0.0540 9.5375 9.5375 -7.3813 -7.3813
-0.0529 9.3388 9.3388 -7.2275 -7.2275
-0.0517 9.1401 9.1401 -7.0738 -7.0737
-0.0506 8.9414 8.9414 -6.9200 -6.9199
-0.0495 8.7427 8.7427 -6.7662 -6.7662
-0.0484 8.5440 8.5440 -6.6124 -6.6124
-0.0472 8.3453 8.3453 -6.4587 -6.4586
-0.0461 8.1466 8.1466 -6.3049 -6.3048
-0.0450 7.9479 7.9479 -6.1511 -6.1511
-0.0439 7.7492 7.7492 -5.9973 -5.9973
-0.0427 7.5505 7.5505 -5.8435 -5.8435
-0.0416 7.3518 7.3518 -5.6898 -5.6897
-0.0405 7.1531 7.1531 -5.5360 -5.5359
-0.0394 6.9544 6.9544 -5.3822 -5.3822
-0.0382 6.7557 6.7557 -5.2284 -5.2284
-0.0371 6.5570 6.5570 -5.0747 -5.0746
-0.0360 6.3583 6.3583 -4.9209 -4.9208
-0.0349 6.1596 6.1596 -4.7671 -4.7671
-0.0337 5.9609 5.9609 -4.6133 -4.6133
-0.0326 5.7622 5.7622 -4.4595 -4.4595
-0.0315 5.5635 5.5635 -4.3058 -4.3057
-0.0304 5.3648 5.3649 -4.1520 -4.1520
-0.0292 5.1661 5.1662 -3.9982 -3.9982
-0.0281 4.9674 4.9675 -3.8444 -3.8444
-0.0270 4.7687 4.7688 -3.6907 -3.6906
-0.0259 4.5700 4.5701 -3.5369 -3.5369
-0.0247 4.3713 4.3714 -3.3831 -3.3831
-0.0236 4.1726 4.1727 -3.2293 -3.2293
-0.0225 3.9739 3.9740 -3.0755 -3.0755
-0.0214 3.7752 3.7753 -2.9218 -2.9218
-0.0202 3.5765 3.5766 -2.7680 -2.7680
-0.0191 3.3779 3.3779 -2.6142 -2.6142
-0.0180 3.1792 3.1792 -2.4604 -2.4604
-0.0169 2.9805 2.9805 -2.3067 -2.3066
-0.0157 2.7818 2.7818 -2.1529 -2.1529
-0.0146 2.5831 2.5831 -1.9991 -1.9991
-0.0135 2.3844 2.3844 -1.8453 -1.8453
-0.0124 2.1857 2.1857 -1.6916 -1.6915
-0.0112 1.9870 1.9870 -1.5378 -1.5378
-0.0101 1.7883 1.7883 -1.3840 -1.3840
-0.0090 1.5896 1.5896 -1.2302 -1.2302
-0.0079 1.3909 1.3909 -1.0764 -1.0764
-0.0067 1.1922 1.1922 -0.9227 -0.9227
-0.0056 0.9935 0.9935 -0.7689 -0.7689
-0.0045 0.7948 0.7948 -0.6151 -0.6151
-0.0034 0.5961 0.5961 -0.4613 -0.4613
-0.0022 0.3974 0.3974 -0.3076 -0.3075
-0.0011 0.1987 0.1987 -0.1538 -0.1538
0.0000 -0.0000 0.0000 -0.0000 0.0000
0.0011 -0.1987 -0.1987 0.1538 0.1538
0.0022 -0.3974 -0.3974 0.3076 0.3075
0.0034 -0.5961 -0.5961 0.4613 0.4613
0.0045 -0.7948 -0.7948 0.6151 0.6151
0.0056 -0.9935 -0.9935 0.7689 0.7689
0.0067 -1.1922 -1.1922 0.9227 0.9227
0.0079 -1.3909 -1.3909 1.0764 1.0764
0.0090 -1.5896 -1.5896 1.2302 1.2302
0.0101 -1.7883 -1.7883 1.3840 1.3840
0.0112 -1.9870 -1.9870 1.5378 1.5378
0.0124 -2.1857 -2.1857 1.6916 1.6915
0.0135 -2.3844 -2.3844 1.8453 1.8453
0.0146 -2.5831 -2.5831 1.9991 1.9991
0.0157 -2.7818 -2.7818 2.1529 2.1529
0.0169 -2.9805 -2.9805 2.3067 2.3066
0.0180 -3.1792 -3.1792 2.4604 2.4604
0.0191 -3.3779 -3.3779 2.6142 2.6142
0.0202 -3.5765 -3.5766 2.7680 2.7680
0.0214 -3.7752 -3.7753 2.9218 2.9218
0.0225 -3.9739 -3.9740 3.0755 3.0755
0.0236 -4.1726 -4.1727 3.2293 3.2293
0.0247 -4.3713 -4.3714 3.3831 3.3831
0.0259 -4.5700 -4.5701 3.5369 3.5369
0.0270 -4.7687 -4.7688 3.6907 3.6906
0.0281 -4.9674 -4.9675 3.8444 3.8444
0.0292 -5.1661 -5.1662 3.9982 3.9982
0.0304 -5.3648 -5.3649 4.1520 4.1520
0.0315 -5.5635 -5.5635 4.3058 4.3057
0.0326 -5.7622 -5.7622 4.4595 4.4595
0.0337 -5.9609 -5.9609 4.6133 4.6133
0.0349 -6.1596 -6.1596 4.7671 4.7671
0.0360 -6.3583 -6.3583 4.9209 4.9208
0.0371 -6.5570 -6.5570 5.0747 5.0746
0.0382 -6.7557 -6.7557 5.2284 5.2284
0.0394 -6.9544 -6.9544 5.3822 5.3822
0.0405 -7.1531 -7.1531 5.5360 5.5359
0.0416 -7.3518 -7.3518 5.6898 5.6897
0.0427 -7.5505 -7.5505 5.8435 5.8435
0.0439 -7.7492 -7.7492 5.9973 5.9973
0.0450 -7.9479 -7.9479 6.1511 6.1511
0.0461 -8.1466 -8.1466 6.3049 6.3048
0.0472 -8.3453 -8.3453 6.4587 6.4586
0.0484 -8.5440 -8.5440 6.6124 6.6124
0.0495 -8.7427 -8.7427 6.7662 6.7662
0.0506 -8.9414 -8.9414 6.9200 6.9199
0.0517 -9.1401 -9.1401 7.0738 7.0737
0.0529 -9.3388 -9.3388 7.2275 7.2275
0.0540 -9.5375 -9.5375 7.3813 7.3813
0.0551 -9.7362 -9.7362 7.5351 7.5350
0.0562 -9.9349 -9.9349 7.6889 7.6888
0.0574 -10.1336 -10.1336 7.8426 7.8426
0.0585 -10.3323 -10.3323 7.9964 7.9964

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(b) Shortfalls

Natural rate Shortfalls - Unemployment gap - PF - projection Shortfalls - Unemployment gap - PF - shooting Shortfalls - Inflation gap - PF - projection Shortfalls - Inflation gap - PF - shooting
-0.0585 10.3323 10.3323 -7.9964 -7.9964
-0.0574 10.1336 10.1336 -7.8426 -7.8426
-0.0562 9.9349 9.9349 -7.6889 -7.6888
-0.0551 9.7362 9.7362 -7.5351 -7.5350
-0.0540 9.5375 9.5375 -7.3813 -7.3813
-0.0529 9.3388 9.3388 -7.2275 -7.2275
-0.0517 9.1401 9.1401 -7.0738 -7.0737
-0.0506 8.9414 8.9414 -6.9200 -6.9199
-0.0495 8.7427 8.7427 -6.7662 -6.7662
-0.0484 8.5440 8.5440 -6.6124 -6.6124
-0.0472 8.3453 8.3453 -6.4587 -6.4586
-0.0461 8.1466 8.1466 -6.3049 -6.3048
-0.0450 7.9479 7.9479 -6.1511 -6.1511
-0.0439 7.7492 7.7492 -5.9973 -5.9973
-0.0427 7.5505 7.5505 -5.8435 -5.8435
-0.0416 7.3518 7.3518 -5.6898 -5.6897
-0.0405 7.1531 7.1531 -5.5360 -5.5359
-0.0394 6.9544 6.9544 -5.3822 -5.3822
-0.0382 6.7557 6.7557 -5.2284 -5.2284
-0.0371 6.5570 6.5570 -5.0747 -5.0746
-0.0360 6.3583 6.3583 -4.9209 -4.9208
-0.0349 6.1596 6.1596 -4.7671 -4.7671
-0.0337 5.9609 5.9609 -4.6133 -4.6133
-0.0326 5.7622 5.7622 -4.4595 -4.4595
-0.0315 5.5635 5.5635 -4.3058 -4.3057
-0.0304 5.3648 5.3649 -4.1520 -4.1520
-0.0292 5.1661 5.1662 -3.9982 -3.9982
-0.0281 4.9674 4.9675 -3.8444 -3.8444
-0.0270 4.7687 4.7688 -3.6907 -3.6906
-0.0259 4.5700 4.5701 -3.5369 -3.5369
-0.0247 4.3713 4.3714 -3.3831 -3.3831
-0.0236 4.1726 4.1727 -3.2293 -3.2293
-0.0225 3.9739 3.9740 -3.0755 -3.0755
-0.0214 3.7752 3.7753 -2.9218 -2.9218
-0.0202 3.5765 3.5766 -2.7680 -2.7680
-0.0191 3.3779 3.3779 -2.6142 -2.6142
-0.0180 3.1792 3.1792 -2.4604 -2.4604
-0.0169 2.9805 2.9805 -2.3067 -2.3066
-0.0157 2.7818 2.7818 -2.1529 -2.1529
-0.0146 2.5831 2.5831 -1.9991 -1.9991
-0.0135 2.3844 2.3844 -1.8453 -1.8453
-0.0124 2.1857 2.1857 -1.6916 -1.6915
-0.0112 1.9870 1.9870 -1.5378 -1.5378
-0.0101 1.7883 1.7883 -1.3840 -1.3840
-0.0090 1.5896 1.5896 -1.2302 -1.2302
-0.0079 1.3909 1.3909 -1.0764 -1.0764
-0.0067 1.1922 1.1922 -0.9227 -0.9227
-0.0056 0.9935 0.9935 -0.7689 -0.7689
-0.0045 0.7948 0.7948 -0.6151 -0.6151
-0.0034 0.5961 0.5961 -0.4613 -0.4613
-0.0022 0.3974 0.3974 -0.3076 -0.3075
-0.0011 0.1987 0.1987 -0.1538 -0.1538
0.0000 0.0000 0.0000 -0.0000 0.0000
0.0011 -0.3558 -0.3558 0.2754 0.2759
0.0022 -0.7117 -0.7115 0.5508 0.5512
0.0034 -1.0675 -1.0672 0.8262 0.8265
0.0045 -1.4234 -1.4231 1.1016 1.1018
0.0056 -1.7792 -1.7789 1.3770 1.3772
0.0067 -2.1351 -2.1347 1.6524 1.6525
0.0079 -2.4909 -2.4906 1.9278 1.9279
0.0090 -2.8468 -2.8464 2.2032 2.2033
0.0101 -3.2026 -3.2022 2.4786 2.4787
0.0112 -3.5585 -3.5580 2.7540 2.7541
0.0124 -3.9143 -3.9138 3.0294 3.0295
0.0135 -4.2702 -4.2696 3.3048 3.3050
0.0146 -4.6260 -4.6254 3.5802 3.5804
0.0157 -4.9819 -4.9812 3.8556 3.8558
0.0169 -5.3377 -5.3370 4.1310 4.1312
0.0180 -5.6936 -5.6928 4.4064 4.4066
0.0191 -6.0494 -6.0486 4.6818 4.6820
0.0202 -6.4053 -6.4044 4.9572 4.9574
0.0214 -6.7611 -6.7602 5.2326 5.2329
0.0225 -7.1170 -7.1160 5.5080 5.5083
0.0236 -7.4728 -7.4718 5.7835 5.7837
0.0247 -7.8287 -7.8276 6.0589 6.0591
0.0259 -8.1845 -8.1834 6.3343 6.3345
0.0270 -8.5404 -8.5392 6.6097 6.6099
0.0281 -8.8962 -8.8950 6.8851 6.8853
0.0292 -9.2521 -9.2508 7.1605 7.1607
0.0304 -9.6079 -9.6066 7.4359 7.4361
0.0315 -9.9638 -9.9624 7.7113 7.7116
0.0326 -10.3196 -10.3182 7.9867 7.9870
0.0337 -10.6755 -10.6740 8.2621 8.2624
0.0349 -11.0313 -11.0298 8.5375 8.5378
0.0360 -11.3872 -11.3856 8.8129 8.8132
0.0371 -11.7430 -11.7414 9.0883 9.0886
0.0382 -12.0989 -12.0972 9.3637 9.3640
0.0394 -12.4547 -12.4530 9.6391 9.6394
0.0405 -12.8106 -12.8088 9.9145 9.9149
0.0416 -13.1664 -13.1646 10.1899 10.1903
0.0427 -13.5223 -13.5204 10.4653 10.4657
0.0439 -13.8781 -13.8762 10.7407 10.7411
0.0450 -14.2340 -14.2320 11.0161 11.0165
0.0461 -14.5898 -14.5878 11.2915 11.2919
0.0472 -14.9457 -14.9436 11.5669 11.5673
0.0484 -15.3015 -15.2994 11.8423 11.8427
0.0495 -15.6574 -15.6552 12.1177 12.1182
0.0506 -16.0132 -16.0110 12.3931 12.3936
0.0517 -16.3691 -16.3668 12.6685 12.6690
0.0529 -16.7249 -16.7226 12.9439 12.9444
0.0540 -17.0808 -17.0784 13.2193 13.2198
0.0551 -17.4366 -17.4342 13.4947 13.4952
0.0562 -17.7925 -17.7900 13.7701 13.7706
0.0574 -18.1483 -18.1458 14.0455 14.0460
0.0585 -18.5042 -18.5016 14.3209 14.3215

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Figure C.2: Unemployment and Inflation Gap Policy Functions over 3 standard deviations of the Natural Rate
Note: Unemployment and inflation gap policy functions are shown over a limited range of the natural rate, between $$\pm $$ 3 of $$\sigma _{rn}$$.

Unemployment (gap)

Natural rate Unemployment gap - Deviations (RE and PF) Unemployment gap - Shorfalls under RE Unemployment gap - Shortfalls under PF
-0.008 1.391 1.643 1.391
-0.007 1.192 1.437 1.192
-0.006 0.993 1.229 0.993
-0.004 0.795 1.017 0.795
-0.003 0.596 0.801 0.596
-0.002 0.397 0.579 0.397
-0.001 0.199 0.350 0.199
0.000 -0.000 0.112 0.000
0.001 -0.199 -0.153 -0.356
0.002 -0.397 -0.443 -0.712
0.003 -0.596 -0.744 -1.068
0.004 -0.795 -1.055 -1.423
0.006 -0.993 -1.373 -1.779
0.007 -1.192 -1.698 -2.135
0.008 -1.391 -2.029 -2.491

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Inflation (gap)

Natural rate Inflation gap - Deviations (RE and PF) Inflation gap - Shorfalls under RE Inflation gap - Shortfalls under PF
-0.008 -1.0764 -0.3491 -1.0764
-0.007 -0.9227 -0.1704 -0.9227
-0.006 -0.7689 0.0108 -0.7689
-0.004 -0.6151 0.1945 -0.6151
-0.003 -0.4613 0.3813 -0.4613
-0.002 -0.3076 0.5715 -0.3076
-0.001 -0.1538 0.7657 -0.1538
0.000 -0.0000 0.9642 -0.0000
0.001 0.1538 1.1686 0.2754
0.002 0.3076 1.3790 0.5508
0.003 0.4613 1.5940 0.8262
0.004 0.6151 1.8133 1.1016
0.006 0.7689 2.0367 1.3770
0.007 0.9227 2.2637 1.6524
0.008 1.0764 2.4940 1.9278

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Figure C.3: Long Run Phillips Curve under a Shortfalls Approach
Note: Moments calculated on 3000 simulations each of 1000 period length. Unemployment gap reported in percentage points. Inflation gap reported in annualized percentage points. BR corresponds to the model outcomes under rational expectations and bounded rationality with $$m^{br}=0.97$$.

phi_u Rational Expectations - Mean Unemployment Gap Rational Expectations - Mean Inflation Gap Perfect Foresight - Mean Unemployment Gap Perfect Foresight - Mean Inflation Gap Bounded Rationality - Mean Unemployment Gap Bounded Rationality - Mean Inflation Gap
-0.50 -0.08 1.60 -0.45 0.35 -0.37 0.87
-0.40 -0.07 1.40 -0.41 0.32 -0.33 0.79
-0.30 -0.06 1.16 -0.36 0.28 -0.29 0.68
-0.20 -0.04 0.87 -0.28 0.22 -0.23 0.54
-0.10 -0.03 0.50 -0.18 0.14 -0.14 0.33
0 -0.00 0.00 -0.00 0.00 -0.00 0.00

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Figure C.4: Policy Functions in the Presence of a Nonlinear Phillips curve and a Symmetric Deviations Monetary Policy Rule

Natural rate Unemployment gap - Deviations RE Unemployment gap - Deviations PF Inflation gap - Deviations PF Inflation gap - Deviations PF
-0.0585 18.2952 18.5042 -14.6732 -14.3209
-0.0574 17.9428 18.1483 -14.4012 -14.0455
-0.0562 17.5905 17.7925 -14.1293 -13.7701
-0.0551 17.2384 17.4366 -13.8573 -13.4947
-0.0540 16.8864 17.0808 -13.5854 -13.2193
-0.0529 16.5345 16.7249 -13.3135 -12.9439
-0.0517 16.1828 16.3691 -13.0416 -12.6685
-0.0506 15.8312 16.0132 -12.7698 -12.3931
-0.0495 15.4797 15.6574 -12.4979 -12.1177
-0.0484 15.1284 15.3015 -12.2261 -11.8423
-0.0472 14.7773 14.9457 -11.9543 -11.5669
-0.0461 14.4263 14.5898 -11.6824 -11.2915
-0.0450 14.0755 14.2340 -11.4106 -11.0161
-0.0439 13.7249 13.8781 -11.1388 -10.7407
-0.0427 13.3746 13.5223 -10.8669 -10.4653
-0.0416 13.0244 13.1664 -10.5951 -10.1899
-0.0405 12.6744 12.8106 -10.3232 -9.9145
-0.0394 12.3247 12.4547 -10.0514 -9.6391
-0.0382 11.9752 12.0989 -9.7795 -9.3637
-0.0371 11.6260 11.7430 -9.5076 -9.0883
-0.0360 11.2771 11.3872 -9.2356 -8.8129
-0.0349 10.9285 11.0313 -8.9636 -8.5375
-0.0337 10.5801 10.6755 -8.6915 -8.2621
-0.0326 10.2321 10.3196 -8.4194 -7.9867
-0.0315 9.8845 9.9638 -8.1472 -7.7113
-0.0304 9.5372 9.6079 -7.8749 -7.4359
-0.0292 9.1904 9.2521 -7.6024 -7.1605
-0.0281 8.8440 8.8962 -7.3299 -6.8851
-0.0270 8.4980 8.5404 -7.0572 -6.6097
-0.0259 8.1526 8.1845 -6.7843 -6.3343
-0.0247 7.8076 7.8287 -6.5113 -6.0589
-0.0236 7.4633 7.4728 -6.2380 -5.7835
-0.0225 7.1195 7.1170 -5.9644 -5.5080
-0.0214 6.7765 6.7611 -5.6905 -5.2326
-0.0202 6.4342 6.4053 -5.4162 -4.9572
-0.0191 6.0926 6.0494 -5.1415 -4.6818
-0.0180 5.7520 5.6936 -4.8663 -4.4064
-0.0169 5.4123 5.3377 -4.5905 -4.1310
-0.0157 5.0736 4.9819 -4.3140 -3.8556
-0.0146 4.7361 4.6260 -4.0367 -3.5802
-0.0135 4.3998 4.2702 -3.7584 -3.3048
-0.0124 4.0650 3.9143 -3.4790 -3.0294
-0.0112 3.7317 3.5585 -3.1982 -2.7540
-0.0101 3.4001 3.2026 -2.9158 -2.4786
-0.0090 3.0706 2.8468 -2.6313 -2.2032
-0.0079 2.7432 2.4909 -2.3445 -1.9278
-0.0067 2.4183 2.1351 -2.0548 -1.6524
-0.0056 2.0963 1.7792 -1.7615 -1.3770
-0.0045 1.7775 1.4234 -1.4637 -1.1016
-0.0034 1.4625 1.0675 -1.1603 -0.8262
-0.0022 1.1518 0.7117 -0.8498 -0.5508
-0.0011 0.8461 0.3558 -0.5302 -0.2754
0.0000 0.5463 0.0000 -0.1992 0.0000
0.0011 0.2532 -0.2052 0.1457 0.4763
0.0022 -0.0317 -0.4103 0.5116 0.9527
0.0034 -0.3020 -0.6155 0.9320 1.4290
0.0045 -0.5651 -0.8206 1.3674 1.9053
0.0056 -0.8214 -1.0258 1.8160 2.3816
0.0067 -1.0718 -1.2309 2.2754 2.8580
0.0079 -1.3170 -1.4361 2.7433 3.3343
0.0090 -1.5576 -1.6412 3.2176 3.8106
0.0101 -1.7943 -1.8464 3.6970 4.2870
0.0112 -2.0275 -2.0516 4.1802 4.7633
0.0124 -2.2577 -2.2567 4.6663 5.2396
0.0135 -2.4852 -2.4619 5.1547 5.7159
0.0146 -2.7103 -2.6670 5.6447 6.1923
0.0157 -2.9333 -2.8722 6.1360 6.6686
0.0169 -3.1545 -3.0773 6.6282 7.1449
0.0180 -3.3740 -3.2825 7.1211 7.6212
0.0191 -3.5920 -3.4876 7.6144 8.0976
0.0202 -3.8087 -3.6928 8.1079 8.5739
0.0214 -4.0242 -3.8980 8.6016 9.0502
0.0225 -4.2387 -4.1031 9.0953 9.5266
0.0236 -4.4521 -4.3083 9.5889 10.0029
0.0247 -4.6647 -4.5134 10.0824 10.4792
0.0259 -4.8766 -4.7186 10.5756 10.9555
0.0270 -5.0877 -4.9237 11.0687 11.4319
0.0281 -5.2982 -5.1289 11.5614 11.9082
0.0292 -5.5080 -5.3340 12.0539 12.3845
0.0304 -5.7174 -5.5392 12.5461 12.8609
0.0315 -5.9262 -5.7444 13.0379 13.3372
0.0326 -6.1346 -5.9495 13.5294 13.8135
0.0337 -6.3426 -6.1547 14.0206 14.2898
0.0349 -6.5503 -6.3598 14.5114 14.7662
0.0360 -6.7576 -6.5650 15.0019 15.2425
0.0371 -6.9645 -6.7701 15.4920 15.7188
0.0382 -7.1712 -6.9753 15.9818 16.1951
0.0394 -7.3777 -7.1805 16.4712 16.6715
0.0405 -7.5838 -7.3856 16.9603 17.1478
0.0416 -7.7898 -7.5908 17.4491 17.6241
0.0427 -7.9956 -7.7959 17.9376 18.1005
0.0439 -8.2011 -8.0011 18.4258 18.5768
0.0450 -8.4065 -8.2062 18.9136 19.0531
0.0461 -8.6118 -8.4114 19.4012 19.5294
0.0472 -8.8168 -8.6165 19.8884 20.0058
0.0484 -9.0218 -8.8217 20.3754 20.4821
0.0495 -9.2266 -9.0269 20.8621 20.9584
0.0506 -9.4313 -9.2320 21.3485 21.4348
0.0517 -9.6359 -9.4372 21.8347 21.9111
0.0529 -9.8404 -9.6423 22.3206 22.3874
0.0540 -10.0448 -9.8475 22.8062 22.8637
0.0551 -10.2491 -10.0526 23.2916 23.3401
0.0562 -10.4534 -10.2578 23.7768 23.8164
0.0574 -10.6576 -10.4629 24.2617 24.2927
0.0585 -10.8617 -10.6681 24.7464 24.7690

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