RDP 9803: Forward-Looking Behaviour and Credibility: Some Evidence and Implications for Policy
Equation (B1.5)
Δ
i
p
t
=
α
5
−
0.11
(
0.05
)
(
i
p
t
−
1
−
w
p
i
t
−
1
+
t
w
i
t
−
1
)
−
0.53
(
0.04
)
(
Δ
t
w
i
t
−
Δ
w
p
i
t
)
−
0.24
(
0.05
)
(
Δ
t
w
i
t
−
1
−
Δ
w
p
i
t
−
1
)
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