RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.3)
Δ
u
l
c
t
=
0.33
(
0.05
)
Δ
p
t
−
1
+
0.67
(
0.05
)
Δ
p
t
−
2
+
0.17
(
0.06
)
e
g
a
p
t
−
1
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