RDP 9809: Estimating Output Gaps
Equation (17)
π
t
=
μ
π
+
δ
1
π
t
−
1
+
δ
2
π
t
−
2
+
(
1
−
δ
1
−
δ
2
)
π
t
−
1
*
+
β
z
t
+
ε
t
π
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