RDP 9407: Explaining Import Price Inflation: A Recent History of Second Stage Pass-Through
Equation (10)
Δ
r
t
=
a
0
+
∑
i
=
1
k
−
1
a
1
i
Δ
r
t
−
i
+
∑
i
=
0
k
−
1
a
2
i
Δ
p
l
t
−
i
A
+
∑
i
=
0
k
−
1
a
3
i
Δ
p
l
t
−
i
D
+
∑
i
=
0
k
−
1
a
4
i
Δ
c
t
−
i
+
∑
i
=
0
k
−
1
a
4
i
G
D
+
b
1
r
t
−
1
+
b
2
p
l
t
−
1
+
b
3
c
t
−
1
+
e
t
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