RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (B5)
c
t
−
y
t
=
∑
j
=
1
∞
p
j
(
r
t
+
j
−
Δ
c
t
+
j
)
+
ρ
k
/
(
1
−
ρ
)
+
E
t
∑
j
=
1
∞
ρ
j
(
Δ
y
t
+
j
−
r
t
+
j
)
−
ρ
k
/
(
1
−
ρ
)
=
∑
j
=
1
∞
p
j
(
Δ
y
t
+
1
−
Δ
c
t
+
1
)
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