Bulletin – March Quarter 2017 Equation (A6)

r e = δ E t+1 P t +g since π e = E B , π e r e E B × P ( δE+Pg ) P B × E E( δ+( 1δ ) P B ) P B × ε 1 whereε=δ+( 1δ ) P B MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@8EB5@