RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation
y
t
n
=
y
t
d
−
αβγ
(
β
+
αγ
+
αβγ
)
(
p
t
−
1
+
y
t
−
1
)
p
t
n
=
p
t
d
−
αγ
(
1
−
αγ
+
αγβ
)
y
t
−
1
−
αγ
(
β
+
αγ
+
αβγ
)
p
t
−
1
.
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