RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy Equation (3d)

Δ p t = β 2 [ − p t−1 + β 1 ul c t−1 +( 1− β 1 )i p t−1 ]+( 1− β 2 )0.25 Σ i=1 4 Δ p t−i + β 4 ga p t−1 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaacciGae8hLdqecbiGaa4hCamaaBaaaleaacaWG0baabeaakiabg2da9iabek7aInaaBaaaleaacaaIYaaabeaakmaadmaabaGaeyOeI0IaamiCamaaBaaaleaacaWG0bGaeyOeI0IaaGymaaqabaGccqGHRaWkcqaHYoGydaWgaaWcbaGaaGymaaqabaGccaWG1bGaamiBaiaadogadaWgaaWcbaGaamiDaiabgkHiTiaaigdaaeqaaOGaey4kaSYaaeWaaeaacaaIXaGaeyOeI0IaeqOSdi2aaSbaaSqaaiaaigdaaeqaaaGccaGLOaGaayzkaaGaamyAaiaadchadaWgaaWcbaGaamiDaiabgkHiTiaaigdaaeqaaaGccaGLBbGaayzxaaGaey4kaSYaaeWaaeaacaaIXaGaeyOeI0IaeqOSdi2aaSbaaSqaaiaaikdaaeqaaaGccaGLOaGaayzkaaGaaGimaiaac6cacaaIYaGaaGynamaaqahabaGae8hLdqKaa4hCamaaBaaaleaacaWG0bGaeyOeI0IaamyAaaqabaGccqGHRaWkcqaHYoGydaWgaaWcbaGaaGinaaqabaGccaWGNbGaamyyaiaadchadaWgaaWcbaGaamiDaiabgkHiTiaaigdaaeqaaaqaaiaadMgacqGH9aqpcaaIXaaabaGaaGinaaqdcqGHris5aaaa@75E1@