RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation (3)
p
t
=
{
1
(
1+δ
)
}
{
-v
t
+
δ
α
u
t
}
+
{
1
(
1+δ
)
}
∑
(
δ
1+δ
)
i
E
t
m
t+i
.
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