RDP 2002-01: Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy
Equation (A4)
Δ
p
m
t
=
−
0.748
(
0.023
)
Δ
e
t
−
0.197
(
0.022
)
Δ
e
t
−
1
+
0.005
(
0.022
)
Δ
e
t
−
2
−
0.060
(
0.023
)
Δ
e
t
−
3
+
0.430
(
0.117
)
Δ
w
p
t
+
0.570
(
0.117
)
Δ
w
p
t
−
1
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