## Yt a fa Xt Pi Xti P2 Xt2 PkXk ut 1712

which is a distributed-lag model with a finite lag of k time periods. The coefficient Po is known as the short-run, or impact, multiplier because it gives the change in the mean value of Y following a unit change in X in the same time period.1 If the change in X is maintained at the same level thereafter, then, (p0 + p1) gives the change in (the mean value of) Y in the next period, (P0 + p1 + p2) in the following period, and so on. These partial sums are called interim, or intermediate, multipliers. Finally, after k periods we obtain k

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