i am reading an academic article and i am not sure i understood the model correctly.

1. It is written that the dependent variable is lagged. is it mean that the independent var in period T influences (theoretically) on the dependent var in T+1 ?

2. what is the correct meaning of the following equation\which dependency the model tries to find ?

MODEL: C(t) = constant + b1(E(t-1)) delta Y(t) + b2(E(t-1))delta D(t+l) + error

C - dependent var (consumption)

Y - Independent var (Income)

D - Independent var (credit growth)

the next sentence is written under the equations :

"The column labeled "t-" give the t-statistic for that coefficient. Instruments: lag 1 of income growth, credit

growth, and consumption growth; a constant is included as a regressor and an instrument. "