RDP 9611: A Markov-Switching Model of Inflation in Australia
Equation (10)
P
t
+
1
0
=
P
t
0
⋅
P
(
s
t
=
0
|
s
t
−
1
=
0
)
+
P
t
1
⋅
P
(
s
t
=
0
|
s
t
−
1
=
1
)
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