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Mr. Tobias Adrian, Vitor Gaspar, and Mr. Francis Vitek

Table 1. Optimized Policy Rule Response Coefficients Table 2. Financial Cycle Upturn Scenario Assumptions Table 3. Financial Cycle Downturn Scenario Assumptions Table 4. Calibrated Steady State Equilibrium Parameters Table 5. Calibrated Behavioral Parameters Table 6. Calibrated Policy Rule Parameters Table 7. Calibrated Trend Component Parameters Table 8. Calibrated Exogenous Variable Parameters Table 9. Estimated Conditional Variance Function Parameters

Mr. Menachem Katz

paper analyzes the various responses of interest rates to changes in expected and actual inflation rates in specific countries which have different rates of inflation and different tax treatments of interest income or capital gains. It also studies the changes in response coefficients over time as the world economy has moved from low to high rates of inflation and the effects, if any, of changes in the instruments of monetary policy on these response coefficients. The present study is divided into three phases. In the first phase, tests are carried out on the