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RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (A5)
∂
U
∂
C
t
=
(
1
−
σ
)
C
t
U
t
−
γ
(
1
−
σ
)
Z
t
U
t
(
1
−
ρ
z
)
−
β
γ
(
1
−
σ
)
Z
t
+
1
U
t
+
1
ρ
z
(
1
−
ρ
z
)
−
β
2
γ
(
1
−
σ
)
Z
t
+
2
U
t
+
2
ρ
z
2
(
1
−
ρ
z
)
−
…
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