RDP 9702: The Lags of Monetary Policy
Equation (1)
Δ
y
t
=
α
+
∑
j
=
0
6
β
j
r
t
−
j
+
[
γ
2
Δ
f
t
−
2
+
γ
4
Δ
f
t
−
4
]
+
δ
y
t
−
1
+
χ
w
t
−
1
+
∑
j
=
0
1
ϕ
j
Δ
w
t
−
j
+
ε
t
,
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