RDP 2010-03: Modelling Inflation in Australia
Equation (A8)
γ
π
t
=
(
θ
/
φ
)
+
β
E
t
π
t
+
1
+
ψ
Δ
u
l
c
t
+
χ
ψ
Δ
m
p
t
+
(
λ
/
φ
)
x
t
−
1
−
(
1
+
β
α
)
π
t
−
1
+
α
(
Δ
π
t
−
1
−
Δ
π
t
*
)
+
η
t
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