RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help? Equation (A5)

U C t = ( 1σ ) C t U t γ( 1σ ) Z t U t ( 1 ρ z )β γ( 1σ ) Z t+1 U t+1 ρ z ( 1 ρ z ) β 2 γ( 1σ ) Z t+2 U t+2 ρ z 2 ( 1 ρ z ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaGabeaadaWcaa qaaiabgkGi2kaadwfaaeaacqGHciITcaWGdbWaaSbaaSqaaiaadsha aeqaaaaakiabg2da9maalaaabaWaaeWaaeaacaaIXaGaeyOeI0Iaeq 4WdmhacaGLOaGaayzkaaaabaGaam4qamaaBaaaleaacaWG0baabeaa aaGccaWGvbWaaSbaaSqaaiaadshaaeqaaOGaeyOeI0YaaSaaaeaacq aHZoWzdaqadaqaaiaaigdacqGHsislcqaHdpWCaiaawIcacaGLPaaa aeaacaWGAbWaaSbaaSqaaiaadshaaeqaaaaakiaadwfadaWgaaWcba GaamiDaaqabaGcdaqadaqaaiaaigdacqGHsislcqaHbpGCdaWgaaWc baGaamOEaaqabaaakiaawIcacaGLPaaacqGHsislcqaHYoGydaWcaa qaaiabeo7aNnaabmaabaGaaGymaiabgkHiTiabeo8aZbGaayjkaiaa wMcaaaqaaiaadQfadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqaaa aakiaadwfadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqaaOGaeqyW di3aaSbaaSqaaiaadQhaaeqaaOWaaeWaaeaacaaIXaGaeyOeI0Iaeq yWdi3aaSbaaSqaaiaadQhaaeqaaaGccaGLOaGaayzkaaGaeyOeI0ca baGaeqOSdi2aaWbaaSqabeaacaaIYaaaaOWaaSaaaeaacqaHZoWzda qadaqaaiaaigdacqGHsislcqaHdpWCaiaawIcacaGLPaaaaeaacaWG AbWaaSbaaSqaaiaadshacqGHRaWkcaaIYaaabeaaaaGccaWGvbWaaS baaSqaaiaadshacqGHRaWkcaaIYaaabeaakiabeg8aYnaaDaaaleaa caWG6baabaGaaGOmaaaakmaabmaabaGaaGymaiabgkHiTiabeg8aYn aaBaaaleaacaWG6baabeaaaOGaayjkaiaawMcaaiabgkHiTiablAci lbaaaa@8E95@