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Actually Actually Actually autoregressive process base-case version consumer CPI inflation targeting deviations of inflation direct exchange rate domestic inflation targeting domestic price inflation effects influence agents efficient frontier efficient policy exchange rate effects exchange rate movements expectations effects expectations of generalised foreign sector generalised inflation import prices inflation and domestic inflation and output inflation from target inflation targeting regimes influence inflation expectations instrument variability key macro variables less variability level effects lower variability maximise model economy monetary authority’s monetary policy nominal interest rates optimal rules outcome under CPI output variability Phillips curve policy actions policy reaction function policy rules considered polynomial price inflation targeting private agents projected deviations rate effects influence real exchange rate real output reduces the variance Reserve Bank results presented RMSDs in year-over-year shocks small open economy stochastic experiments ſtºp targeting domestic price temporary disturbances variability in real version of FPS year-over-year CPI inflation Zealand