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The following forecast (April 29, 2021) is discussed in
What Do Price Equations Say About
Future Inflation?
In this paper two forecasts are presented in Table 7. The
first has
the estimated Fed rule (equation 30) turned off and RS set to 0.05
for all quarters of the forecast period. The second uses the estimated Fed
rule.
The first forecast in Table 7 has the Fed rule
dropped and RS taken to be 0.05. The second forecast has the Fed rule in.
The default when solving
the model is to use the Fed rule.
This duplicates the second forecast in Table 7. If you want to run the first
forecast in Table 7, drop the RS equation, 30, and set RS to 0.05 for
all quarters of the forecast period. This will duplicate the first forecast
in Table 7. The only difference between the two
forecasts is the treatment of the Fed rule.

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