RDP 2005-05: Underlying Inflation: Concepts, Measurement and Performance
Equation
π
t
=
γ
10
+
∑
i
=
1
P
ϕ
1
i
π
t
−
i
+
∑
i
=
1
P
η
1
i
π
t
−
1
∗
+
ε
1
t
π
t
∗
=
γ
20
+
∑
i
=
1
P
ϕ
2
i
π
t
−
i
+
∑
i
=
1
P
η
2
i
π
t
−
1
∗
+
ε
2
t
.
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