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Walsh, Carl (2019), Alternatives to inflation targeting in low interest rate environments, IMES Discussion Paper Series, No. 19-E-13, Institute for Monetary and Economic Studies, Bank of Japan. Chart 1. Parameter values Function Parameter Value IS curve 0.9 −0.4 Phillips curve 0.85 0.07 Monetary policy rule 0.9 0.5 1.0 Output gap expectations formation 1.44 −0.52 10-year ahead inflation expectations 0.3 1.0 0.95 0.05 Medium-term inflation expectations 0.85 0.07 Short-term inflation expectations 0.85 0.07 Distribution of demand shocks 0.3 −0.15 0.8 Distribution of price shocks 0.3 −0.2 1.2 Chart 2. Simulation results (natural rate of interest: +0.5%) (a) Nominal short-term interest rates (b) Nominal long-term interest rates (c) Output gap (d) Inflation rate