RDP 2003-11: How Should Monetary Policy Respond to Asset-Price Bubbles?
Equation (11)
L
=
E
t
p
[
max
(
a
τ
)
]
κ
+
∑
τ
=
t
+
1
∞
[
E
t
p
(
y
τ
2
)
+
E
t
p
(
π
τ
2
)
]
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamitaiabg2 da9iaadweadaqhaaWcbaGaamiDaaqaaiaadchaaaGcdaWadaqaaiGa c2gacaGGHbGaaiiEamaabmaabaGaamyyamaaBaaaleaacqaHepaDae qaaaGccaGLOaGaayzkaaaacaGLBbGaayzxaaWaaWbaaSqabeaacqaH 6oWAaaGccqGHRaWkdaaeWbqaamaadmaabaGaamyramaaDaaaleaaca WG0baabaGaamiCaaaakmaabmaabaGaamyEamaaDaaaleaacqaHepaD aeaacaaIYaaaaaGccaGLOaGaayzkaaGaey4kaSIaamyramaaDaaale aacaWG0baabaGaamiCaaaakmaabmaabaGaeqiWda3aa0baaSqaaiab es8a0bqaaiaaikdaaaaakiaawIcacaGLPaaaaiaawUfacaGLDbaaaS qaaiabes8a0jabg2da9iaadshacqGHRaWkcaaIXaaabaGaeyOhIuka niabggHiLdaaaa@63BA@