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RDP 9007: Operating Objectives for Monetary Policy
Equation (6)
Demand for non-tradeables:
d
t
n
=
h
(
y
t
+
p
t
−
p
t
c
)
+
g
(
p
t
c
−
p
t
n
)
−
α
(
R
t
−
E
t
(
p
t+1
c
−
p
t
c
)
)
+
w
t
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