RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.7)
Δ
y
t
*
=
α
7
−
0.05
(
0.03
)
(
y
t
−
1
*
−
y
t
−
1
∗
t
r
e
n
d
)
+
0.42
Δ
y
t
−
1
*
+
0.20
Δ
y
t
−
2
*
[
0.00
]
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