RDP 2016-02: Disagreement about Inflation Expectations
Equation
C
a
s
e
2
)
f
o
r
j
∈
{
0
,
5
,
10
}
:
Pr
(
π
i
c
a
t
=
j
)
=
ρ
(
θ
[
Φ
(
U
B
j
−
μ
p
σ
p
)
−
Φ
(
L
B
j
−
μ
p
σ
p
)
]
+
(
1
−
θ
)
[
Φ
(
U
B
j
−
μ
r
σ
r
)
−
Φ
(
L
B
j
−
μ
r
σ
r
)
]
)
+
(
1
−
ρ
)
[
U
B
j
−
L
B
j
150
]
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