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
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