RDP 8905: Monetary Policy Instruments: A Theoretical Analysis
Equation (7)
var
(
p
t
)
=
(
1
1
−
π
2
+
π
1
+
δ
)
2
{
(
π
1
+
δ
α
2
)
2
σ
u
2
+
σ
v
2
+
π
2
2
σ
w
2
}
.
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