RDP 2017-02: Anticipatory Monetary Policy and the ‘Price Puzzle’
Equation (4)
ϕ
^
1
=
β
θ
+
γ
cov
^
(
r
t
−
1
,
Z
t
−
1
)
var
^
(
r
t
−
1
)
︸
Bias
term
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