Problem with results of bayesina estimation

Dear Professor Pfeifer,

After bayesian estimation of the model, I got negative value of parameter rhoy (e.g. -0.05) in Taylor Rule which is written as
exp( R ) = R_ss^(1 - rhoR )
* (exp(R(-1)))^rhoR
* (exp(dp)/pi_ss)^( rhopi*(1-rhoR) )
* (exp(y)/exp(y(-1)))^( rhoy*(1-rhoR) )
* (1+e_R);
I was wondering if it’s OK to accept this result as I seldom see negative value of this parameter in other papers, and how should I interpret this ?

Thank you for your time.
Best regards

That is impossible to tell. You are the model builder and should know whether that value makes sense in the context of your model. If it does not, use a prior that only allows positive values.