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RDP 2017-02: Anticipatory Monetary Policy and the ‘Price Puzzle’
Equation (9)
Δ
r
m
=
α
+
φ
π
m
F
+
γ
y
m
F
+
λ
π
m
F
_
R
E
V
I
S
I
O
N
+
θ
y
m
F
_
R
E
V
I
S
I
O
N
+
ρ
u
m
N
O
W
C
A
S
T
+
β
r
m
−
1
+
ε
m
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