RBA Annual Conference – 2018 Equation (15)

π_{t | t + n}^{e} = (1 - d^{G F C}) [ϕ_{p r e - G F C} + ψ_{p r e - G F C} π_{t - 1}] + d^{G F C} [ϕ_{p o s t - G F C} + ψ_{p o s t - G F C} π_{t - 1}] + ε_{t}