RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help? Equation (A8)

U C t = ( 1σ ) C t U t γ( 1σ )( 1 ρ z ) P t MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaSaaaeaacq GHciITcaWGvbaabaGaeyOaIyRaam4qamaaBaaaleaacaWG0baabeaa aaGccqGH9aqpdaWcaaqaamaabmaabaGaaGymaiabgkHiTiabeo8aZb GaayjkaiaawMcaaaqaaiaadoeadaWgaaWcbaGaamiDaaqabaaaaOGa amyvamaaBaaaleaacaWG0baabeaakiabgkHiTiabeo7aNnaabmaaba GaaGymaiabgkHiTiabeo8aZbGaayjkaiaawMcaamaabmaabaGaaGym aiabgkHiTiabeg8aYnaaBaaaleaacaWG6baabeaaaOGaayjkaiaawM caaiaadcfadaWgaaWcbaGaamiDaaqabaaaaa@5555@