RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (3c)
Δ
p
t
=
β
2
[
−
p
t
−
1
+
β
1
u
l
c
t
−
1
+
(
1
−
β
1
)
i
p
t
−
1
]
+
(
1
−
β
2
)
0.25
Σ
i
=
1
4
Δ
p
t
+
i
e
+
β
4
g
a
p
t
−
1
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