RDP 8909: Optimal Wage Indexation, Monetary Policy and the Exchange Rate Regime
Equation (16)
y
=
[
(
1/β
4
+
β
1
β
3
)
]
[
β
1
m
+
β
4
β
2
e
+
β
4
β
2
pf
−
(
β
4
β
2
+
β
1
)
p
+
β
4
g
+
β
4
s
−
β
1
τ
]
=
π
1
m
+
π
2
e
+
π
3
pf
+
π
4
p
+
π
5
g
+
u
d
.
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