RDP 9702: The Lags of Monetary Policy
Equation (B8)
P
L
7
=
0
P
C
6
=
C
6
P
L
i
=
P
L
i
+
1
+
P
C
i
P
C
i
=
C
i
+
δ
P
L
i
+
1
.
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