We build a macroeconomic model that allows for non-linearity in the interest rate rule. We assume that to determine the rate of interest, the monetary authority considers the interaction between the actual inflation and the capacity utilization, so that the sensitivity of the interest rule to the inflation gap varies in accordance with the business cycle. The macroeconomic policy framework we propose enables the monetary authority to give as much weight to inflation as to the product without losing sight of the expected anchor role of the inflation target, for a closed economy as well as for an open economy.

中文翻译：

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替代性货币政策规则和预期一致性

我们建立了允许利率规则非线性的宏观经济模型。我们假设要确定利率，货币当局会考虑实际通货膨胀与产能利用率之间的相互作用，从而使利率规则对通货膨胀差距的敏感度随商业周期而变化。我们提出的宏观经济政策框架使货币当局能够对产品的通货膨胀给予尽可能多的重视，而又不会忽视通货膨胀目标对于封闭式经济和开放式经济的预期锚定作用。