Bulletin – September 2014 Equation (A1)

π t − π t − 1 = δ ( π t e − π t − 1 ) + γ ( u t − u t * ) u t + d Δ u t − 1 u t + α 1 ( π t − 1 m − π t − 2 m ) + α 2 ( 𝜑 t − 1 − 𝜑 t − 4 ) + ψ t u t * = u t − 1 * + ν t MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaqGap WaaSbaaSqaaiaadshaaeqaaOGaeyOeI0IaaeiWdmaaBaaaleaacaWG 0bGaeyOeI0IaaGymaaqabaGccqGH9aqpcqaH0oazdaqadaqaaiabec 8aWnaaDaaaleaacaWG0baabaGaamyzaaaakiabgkHiTiabec8aWnaa BaaaleaacaWG0bGaeyOeI0IaaGymaaqabaaakiaawIcacaGLPaaacq GHRaWkcqaHZoWzdaWcaaqaamaabmaabaGaamyDamaaBaaaleaacaWG 0baabeaakiabgkHiTiaadwhadaqhaaWcbaGaamiDaaqaaiaacQcaaa aakiaawIcacaGLPaaaaeaacaWG1bWaaSbaaSqaaiaadshaaeqaaaaa kiabgUcaRiaadsgadaWcaaqaaiabfs5aejaadwhadaWgaaWcbaGaam iDaiabgkHiTiaaigdaaeqaaaGcbaGaamyDamaaBaaaleaacaWG0baa beaaaaGccqGHRaWkcqaHXoqydaWgaaWcbaGaaGymaaqabaGcdaqada qaaiabec8aWnaaDaaaleaacaWG0bGaeyOeI0IaaGymaaqaaiaad2ga aaGccqGHsislcqaHapaCdaqhaaWcbaGaamiDaiabgkHiTiaaikdaae aacaWGTbaaaaGccaGLOaGaayzkaaGaey4kaSIaeqySde2aaSbaaSqa aiaaikdaaeqaaOWaaeWaaeaacqaHvpGzdaWgaaWcbaGaamiDaiabgk HiTiaaigdaaeqaaOGaeyOeI0Iaeqy1dy2aaSbaaSqaaiaadshacqGH sislcaaI0aaabeaaaOGaayjkaiaawMcaaiabgUcaRiabeI8a5naaBa aaleaacaWG0baabeaaaOqaaiaadwhadaqhaaWcbaGaamiDaaqaaiaa cQcaaaGccqGH9aqpcaWG1bWaa0baaSqaaiaadshacqGHsislcaaIXa aabaGaaiOkaaaakiabgUcaRiabe27aUnaaBaaaleaacaWG0baabeaa aaaa@9099@