RDP 2012-01: Co-movement in Inflation
Equation (1A)
Z
t
,
c
o
m
m
o
n
=
(
Σ
p
=
1
2
Σ
n
=
1
7
Σ
i
=
1
3
Δ
y
i
,
t
−
p
n
)
θ
common
r
e
a
l
+
(
Σ
p
=
1
2
Σ
n
−
1
7
π
t
−
p
n
)
θ
common
i
n
f
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