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Actually levels Actually autoregressive process base-case version CPI inflation targeting deviations of inflation direct exchange rate domestic inflation targeting domestic price inflation effects influence agents efficient frontier exchange rate effects exchange rate movements expectations effects expectations of generalised foreign sector generalised inflation import prices inflation and domestic inflation and output inflation targeting regimes inflation variability influence inflation expectations instrument variability key macro variables less variability levels Actually expectations levels effects lower variability maximise model economy monetary authority monetary authority's monetary policy nominal interest rates outcome under CPI output gap output variability Phillips curve policy actions policy instrument policy reaction function policy rules considered price inflation targeting private agents projected deviations rate effects influence real output Reserve Bank results presented RMSD INFLATION 1.20 RMSDs in year-over-year shocks small open economy stochastic experiments stochastic simulation targeting domestic price targeting horizon temporary disturbances variability in real version of FPS year-over-year CPI inflation Zealand