RDP 2010-03: Modelling Inflation in Australia
Equation (3)
π
t
=
β
E
t
π
t
+
1
+
(
1
−
β
)
π
t
−
1
+
λ
r
u
l
c
t
+
γ
r
m
p
t
+
ϕ
Δ
r
m
p
t
+
χ
y
g
a
p
t
+
ε
t
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