RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (5c)
r
t
w
i
t
=
t
o
t
t
−
1
+
0.35
(
r
t
∼
−
r
t
*
)
+
0.30
(
r
∼
t
−
1
−
r
t
−
1
*
)
+
0.25
(
r
∼
t
−
2
−
r
t
−
2
*
)
+
0.10
(
r
∼
t
−
3
−
r
t
−
3
*
)
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