RDP 9702: The Lags of Monetary Policy
Equation (A4)
r
t
=
a
o
d
t
−
1
o
+
b
o
π
t
−
1
o
+
c
o
g
a
p
t
−
1
o
+
e
o
c
a
d
t
−
1
o
+
a
n
d
t
−
1
n
+
b
n
π
t
−
1
n
+
c
n
g
a
p
t
−
1
n
+
u
t
.
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