RDP 2003-05: What do Financial Market Data Tell us About Monetary Policy Transparency? Equation (2)

i_{j t} - p_{j t} = β_{0 j} + β_{1 j} Δ p_{j t + 10} + β_{2 j} Δ p_{j t + 5} + β_{3 j} Δ p_{j t + 1} + β_{4 j} Δ p_{j t - 5} + ε_{j t}