RDP 2016-02: Disagreement about Inflation Expectations
Equation (9)
Pr
(
π
i
c
a
t
=
j
)
=
ρ
[
Φ
(
U
B
j
−
β
η
g
r
o
u
p
γ
η
g
r
o
u
p
)
−
Φ
(
L
B
j
−
β
η
g
r
o
u
p
γ
η
g
r
o
u
p
)
]
+
(
1
−
ρ
)
[
U
B
j
−
L
B
j
150
]
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