Makroekonomické modelování Figure 2. Model-Based Output Gap vs. Detrended GDP 6 -i- 11 i / f >J t , i i i i \; i / i / i a/ i i r L i A . P / r \ Í J 1 ■ 1 , i \ r--Jt i l / J i i * i 1 r J" -i i 1 I \ r i i i i i 1 ' * 1 f j i / i; í 11 11 1 I II l> 1 1 1 1 III 1 J II 1 II * / A fl i i i i J \ j 1 1 4 1 1 1 1 1 1 L 1 1 1 1 1 1 ■ 1 1 . 1 1 1 60 1 1 1 64 1 1 1 1 68 1111 72 1 1 1 1 1 1 1 1 1 1 1 1 76 80 84 1 1 1 1 88 i i i i 92 i i i i i 96 output gap ---- detrended gdp 1887 1988 1989 1990 1991 1992 Figure 1. Federal funds rate and example policy rule. 204 Efficient frontier based on Model 1 .a TkO OS II i_i ist 25T Standard deviation of outpul LibelĽ (Outpi t uei£ji t,InftiliHi «fleijhr, Lju^sd Inte«st Rat« weight