RDP 8708: Risk Effects Versus Monetary Effects in the Determination of Short-Term Interest Rates
Equation
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log
x
t+k
log
p
t+k
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∼
N
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E
t
(
log
x
t+k
)
σ
2
(
x
t+k
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σ
t
(
x
t+k
,
p
t+k
)
,
E
t
(
log
p
t+k
)
σ
t
(
x
t+k
,
p
t+k
)
σ
2
(
x
t+k
)
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