RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.2)
Δ
p
t
=
α
2
−
0.10
(
0.01
)
p
t
−
1
+
0.06
(
0.01
)
u
l
c
t
−
1
+
0
.
0
4
(
0.01
)
i
p
t
−
1
+
0.13
(
0.03
)
Δ
u
l
c
t
+
0.02
(
0.01
)
Δ
i
p
t
−
3
+
0.07
(
0.02
)
g
a
p
t
−
3
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