Some questions on policy setting in the model

General DSGE Modeling
2
  1. Are you doing stochastic simulations? Then you can use the simult_-function to run joint shocks.
  2. Full geometric decay always takes forever. But people often use the half-life. See e.g. Persistency of IRFs: Definition - #15 by jpfeifer
  3. That seems like an occasionally binding constraint you could implement with Occbin.