RDP 2003-12: The Real-Time Forecasting Performance of Phillips Curves
Equation (2)
Δ
4
p
t
=
λ
f
t
p
c
+
(
1
−
λ
)
f
t
a
l
t
+
ε
t
,
ε
t
∼
N
(
0
,
σ
2
)
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