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RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (A6)
∂
U
∂
C
t
=
(
1
−
σ
)
C
t
U
t
−
γ
(
1
−
σ
)
(
1
−
ρ
z
)
∑
i
=
0
∞
β
i
ρ
z
i
U
t
+
i
(
C
t
+
i
)
Z
t
+
i
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