RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.1)
Δ
y
t
=
α
1
−
0.23
(
0.05
)
y
t
−
1
+
0.27
(
0.06
)
y
t
−
1
*
+
0.06
(
0.05
)
t
o
t
t
−
1
−
0.05
(
0.05
)
r
t
w
i
t
−
1
+
0.0
1
Δ
[
0.08
]
f
y
t
−
1
+
0.02
(
0.18
)
Δ
f
y
t
−
2
+
0.95
Δ
y
t
∗
−
0.03
r
t
−
2
−
0.05
r
t
−
3
+
0.10
[
0.00
]
r
t
−
4
−
0.16
r
t
−
5
−
0.06
r
t
−
6
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