RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (A9)
∂
U
∂
C
t
+
1
=
(
1
−
σ
)
C
t
+
1
U
t
+
1
−
γ
(
1
−
σ
)
(
1
−
ρ
z
)
P
t
+
1
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