Which group is this?

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Define $G=\left\langle a,b\ |\ a^2=1, (ab^2)^2=1 \right\rangle $.

This is an infinite group whose Cayley graph is best described as a two-dimensional grid. Is it a well-known group? What is known about its main properties?

Thanks in advance!

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You can rewrite the second relation to give the alternative presentation $$\langle a,b \mid a^2=1, a^{-1}b^2a=b^{-2} \rangle$$ which is an HNN extension, so you can derive its properties, such as normal form for group elements, from the known properties of HNN-extensions.

I don't know whether it has a better known `name', but it is the quotient group of the Baumslag-Solitar group ${\rm BS}(2,-2) = \langle x,y \mid x^{-1}y^2x = y^{-2} \rangle$ by its centre $\langle x^2 \rangle$.

It is automatic, but not hyperbolic, because it has the free abelian subgroup $\langle (ab)^2,b^2 \rangle$.

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I believe the original poster is correct about this group having a Cayley Graph which can be nicely drawn on a grid. Excuse my MS Paint skills. Continue the diagram to infinity. Since $a$ has order $2$ we don't need an arrow, and $b$ has infinite order. Note that the relations hold. By drawing the Cayley Graph this way I do not think I have accidently introduced any new relations.

CayleyGraph

If one pretends the border of this graph wraps back around, one can construct various quotients. Doing so in the above picture we obtain a group of order $16$, SmallGroup(16,3) in GAP.