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RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (3a)
Δ
p
t
=
−
p
t
−
1
+
β
1
u
l
c
t
−
1
+
(
1
−
β
1
)
i
p
t
−
1
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaacciGae8hLdqecbiGaa4hCamaaBaaaleaacaGF0baabeaakiabg2da9iabgkHiTiaadchadaWgaaWcbaGaamiDaiabgkHiTiaaigdaaeqaaOGaey4kaSIaeqOSdi2aaSbaaSqaaiaaigdaaeqaaOGaamyDaiaadYgacaWGJbWaaSbaaSqaaiaadshacqGHsislcaaIXaaabeaakiabgUcaRmaabmaabaGaaGymaiabgkHiTiabek7aInaaBaaaleaacaaIXaaabeaaaOGaayjkaiaawMcaaiaadMgacaWGWbWaaSbaaSqaaiaadshacqGHsislcaaIXaaabeaaaaa@53B7@