RDP 8708: Risk Effects Versus Monetary Effects in the Determination of Short-Term Interest Rates
Equation (5)
log
m
t
−
log
p
t
=
δ
(
log
b
t
(
1
)
−
log
b
t
*
(
1
)
)
−
δ
E
t
(
π
t
)
.
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