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RDP 2000-10: Monetary Policy-Making in the Presence of Knightian Uncertainty
Equation (5)
π
t
=
1.603
(
0.116
)
π
t
−
1
−
0.611
(
0.226
)
π
t
−
2
−
0.246
(
0.223
)
π
t
−
3
+
0.254
(
0.113
)
π
t
−
4
+
0.128
(
0.054
)
Δ
y
t
−
3
+
0.010
(
0.056
)
Δ
y
t
−
4
−
0.023
(
0.054
)
Δ
y
t
−
5
+
0.202
(
0.054
)
Δ
y
t
−
6
+
η
t
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