RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (2a)
i
t
=
r
¯
+
π
t
e
+
ψ
1
(
p
t
−
1
−
p
t
−
5
−
2.5
)
+
ψ
2
g
a
p
t
−
1
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