RDP 2002-01: Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy
Equation (A2)
Δ
p
t
=
0.246
(
0.112
)
Δ
p
t
−
1
+
0.399
0.102
Δ
p
t
−
2
+
0.223
(
0.108
)
Δ
p
t
−
3
+
0.084
(
0.049
)
Δ
u
l
c
t
−
5
+
0.040
(
0.015
)
Δ
p
m
t
+
0.008
(
0.016
)
Δ
p
m
t
−
1
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