Dear Professor Pfeifer,

I want to search the optimal monetary policy in an estimated model. I use Taylor Rule as:

\frac{{{R}_{t}}}{R}={{\left( \frac{{{R}_{t-1}}}{R} \right)}^{{{\rho }_{R}}}}{{\left[ {{\left( \frac{{{\pi }_{t}}}{\pi } \right)}^{{{\rho }_{\pi }}}}{{\left( \frac{GD{{P}_{t}}}{GD{{P}_{t-1}}} \right)}^{{{\rho }_{y}}}} \right]}^{1-{{\rho }_{R}}}}e_{t}^{R}

However, after I set the objective, the result of optimal {\rho }_{y} is always close to 0 (which is the lower bond I set). I have no idea what the problem is. Would you please take a look? The code is sent through message.

Thank you for your time!