RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation (2')
Output
supply:
y
t
s
=
β
(
p
t
−
E
t-1
p
t
)
+
γy
t
−
1
+
v
t
y
t
s
=
y
t
d
(
market
clearing
)
.
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