RDP 9307: Explaining Forward Discount Bias: Is it Anchoring? Equation (A1)

Δ p t + 1 = π ln ( D t / Y t ) = π [ ξ + ( δ - 1 ) y ¯ - σ i t ] , π > 0 . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeqabeGaaa qaaGqaaiaa=r5acaWFWbWaaSbaaSqaaiaa=rhacaWFRaGaa8xmaaqa baGccaWF9aGaa8hWdiaa=XgacaWFUbWaaeWaaeaacaWFebWaaSbaaS qaaiaa=rhaaeqaaOGaa83laiaa=LfadaWgaaWcbaGaa8hDaaqabaaa kiaawIcacaGLPaaacaWF9aGaa8hWdmaadmaabaGaa8NVdiaa=Tcada qadaqaaiaa=r7acaWFTaGaa8xmaaGaayjkaiaawMcaaiqa=Lhagaqe aiaa=1cacaWFdpGaa8xAamaaBaaaleaacaWF0baabeaaaOGaay5wai aaw2faaiaa=XcaaeaacaWFapGaa8Npaiaa=bdacaWFUaaaaaaa@57D9@