RDP 9307: Explaining Forward Discount Bias: Is it Anchoring?
Equation (A1)
Δ
p
t
+
1
=
π
ln
(
D
t
/
Y
t
)
=
π
[
ξ
+
(
δ
-
1
)
y
¯
-
σ
i
t
]
,
π
>
0
.
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