RDP 2015-04: The Sticky Information Phillips Curve: Evidence for Australia Equation (12)

π t = c + [ 1 − λ λ ] α x t + ( 1 − λ ) ∑ j = 0 J λ j π t − j + ϕ ( 1 − λ ) ∑ j = 0 J λ j E t − j − 1 [ ( π t − π t − j ) + α Δ x t ] + γ π ^ t m + ε t . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacqaHap aCdaWgaaWcbaGaamiDaaqabaGccqGH9aqpcaWGJbGaey4kaSYaamWa aeaadaWcaaqaaiaaigdacqGHsislcqaH7oaBaeaacqaH7oaBaaaaca GLBbGaayzxaaGaeqySdeMaamiEamaaBaaaleaacaWG0baabeaakiab gUcaRmaabmaabaGaaGymaiabgkHiTiabeU7aSbGaayjkaiaawMcaam aaqadabaGaeq4UdW2aaWbaaSqabeaacaWGQbaaaOGaeqiWda3aaSba aSqaaiaadshacqGHsislcaWGQbaabeaaaeaacaWGQbGaeyypa0JaaG imaaqaaiaadQeaa0GaeyyeIuoaaOqaaiabgUcaRiabew9aMnaabmaa baGaaGymaiabgkHiTiabeU7aSbGaayjkaiaawMcaamaaqadabaGaeq 4UdW2aaWbaaSqabeaacaWGQbaaaOGaamyramaaBaaaleaacaWG0bGa eyOeI0IaamOAaiabgkHiTiaaigdaaeqaaOWaamWaaeaadaqadaqaai abec8aWnaaBaaaleaacaWG0baabeaakiabgkHiTiabec8aWnaaBaaa leaacaWG0bGaeyOeI0IaamOAaaqabaaakiaawIcacaGLPaaacqGHRa WkcqaHXoqycqqHuoarcaWG4bWaaSbaaSqaaiaadshaaeqaaaGccaGL BbGaayzxaaGaey4kaSIaeq4SdCMafqiWdaNbaKaadaqhaaWcbaGaam iDaaqaaiaad2gaaaGccqGHRaWkcqaH1oqzdaWgaaWcbaGaamiDaaqa baGccaGGUaaaleaacaWGQbGaeyypa0JaaGimaaqaaiaadQeaa0Gaey yeIuoaaaaa@8BEB@