RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.9)
Δ
t
o
t
t
=
α
9
−
0.13
(
0.04
)
t
o
t
t
−
1
+
0.11
Δ
t
o
t
t
−
1
+
0.34
Δ
[
0.00
]
t
o
t
t
−
2
+
0.36
Δ
t
o
t
t
−
3
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