RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation (14)
p
t
=
1
(
β
+
αγ
+
αβγ
)
u
t
−
(
1
+
αγ
)
β+αβγ+αγ
v
t
−
λ
(
1
+
αγ
)
αγ
y
t
−
1
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