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RDP 2016-08: The Slowdown in US Productivity Growth: Breaks and Beliefs
Equation (B14)
r
t
=
ρ
r
t
−
1
+
(
1
−
ρ
)
ϕ
π
(
π
t
y
e
−
π
t
*
)
+
(
1
−
ρ
)
ϕ
y
4
(
x
t
−
x
t
−
4
+
z
t
+
z
t
−
1
+
z
t
−
2
+
z
t
−
3
)
+
ε
R
,
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@7BA8@