-9same is true for the TPLT regime studied in Bernanke, Kiley, and Roberts (2019) featuring TPLT with a one-year memory. In this regime, the only way in which average inflation enters the policy rule is through the timing of liftoff itself.
Yet in stochastic simulations of the FRB/US model under TPLT with a one-year memory that reverts to flexible inflation targeting after liftoff, inflation does average very close to 2 percent in the stochastic simulations reported in their paper.