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RDP 8703: Money Demand, Own Interest Rates and Deregulation
Equation (8a)
R
t
=
1
−
γ
σ
(
ϕ
+
ρ
)
(
π
t
−
Δ
m
¯
)
+
σ
ϕ
−
β
(
1
−
ψ
)
(
1
−
γ
−
α
ρ
σ
)
σ
(
ϕ
+
ρ
)
R
t
−
1
+
β
(
1
−
ψ
)
(
1
−
γ
)
σ
(
ϕ
+
ρ
)
R
t
−
2
−
(
1
−
γ
)
ρ
(
1
−
β
(
1
−
ψ
)
α
)
σ
(
ϕ
+
ρ
)
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