RDP 9307: Explaining Forward Discount Bias: Is it Anchoring?
Equation (D1)
log
(
M
t
/
(
POP
t
P
t
)
)
=
a
1
+
a
2
log
(
Y
t
/
POP
t
)
+
a
3
i
t
+
a
4
log
(
M
t-1
/
(
POP
t-1
P
t-1
)
)
+
a
5
log
(
M
t-1
/
(
POP
t-1
P
t
)
)
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