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RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation (1)
Excess
demand:
y
t
=
-
α
(
R
t
-
E
t
(
p
t
+
1
-
p
t
)
)
+
u
t
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeqabeGaaa qaaiaabweacaqG4bGaae4yaiaabwgacaqGZbGaae4CaiaaykW7caqG KbGaaeyzaiaab2gacaqGHbGaaeOBaiaabsgacaqG6aaabaGaaeyEam aaBaaaleaacaqG0baabeaakiaab2dacaWGTaGaeqySde2aaeWaaeaa caqGsbWaaSbaaSqaaiaabshaaeqaaOGaamylaiaabweadaWgaaWcba GaaeiDaaqabaGcdaqadaqaaiaabchadaWgaaWcbaGaaeiDaiaadUca caqGXaaabeaakiaad2cacaqGWbWaaSbaaSqaaiaabshaaeqaaaGcca GLOaGaayzkaaaacaGLOaGaayzkaaGaam4kaiaabwhadaWgaaWcbaGa aeiDaaqabaaaaaaa@5959@