RDP 9702: The Lags of Monetary Policy
Equation (B3a)
p
lim
X
′
M
W
ε
T
=
p
lim
X
′
ε
T
−
p
lim
X
′
W
(
W
′
W
)
−
1
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′
ε
T
=
p
lim
X
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ε
T
−
p
lim
X
′
W
(
W
′
W
)
−
1
.
p
lim
W
′
ε
T
=
p
lim
X
′
ε
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