RDP 2003-11: How Should Monetary Policy Respond to Asset-Price Bubbles? Equation (C7)

Z s ={ A N s Z s− N s + ∑ j=0 N s −1 A j H F N s −j X s− N s −β ∑ j=0 N s −1 A j H F N s −j R s− N s }+{ ∑ j=0 N s −1 A j H B j X s }−{ β ∑ j=0 N s −1 A j H B j R s } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOwamaaBa aaleaacaWGZbaabeaakiabg2da9maacmaabaGaamyqamaaCaaaleqa baGaamOtamaaBaaameaacaWGZbaabeaaaaGccaWGAbWaaSbaaSqaai aadohacqGHsislcaWGobWaaSbaaWqaaiaadohaaeqaaaWcbeaakiab gUcaRmaaqadabaGaamyqamaaCaaaleqabaGaamOAaaaaaeaacaWGQb Gaeyypa0JaaGimaaqaaiaad6eadaWgaaadbaGaam4CaaqabaWccqGH sislcaaIXaaaniabggHiLdGccaWGibGaamOramaaCaaaleqabaGaam OtamaaBaaameaacaWGZbaabeaaliabgkHiTiaadQgaaaGccaWGybWa aSbaaSqaaiaadohacqGHsislcaWGobWaaSbaaWqaaiaadohaaeqaaa WcbeaakiabgkHiTiabek7aInaaqadabaGaamyqamaaCaaaleqabaGa amOAaaaaaeaacaWGQbGaeyypa0JaaGimaaqaaiaad6eadaWgaaadba Gaam4CaaqabaWccqGHsislcaaIXaaaniabggHiLdGccaWGibGaamOr amaaCaaaleqabaGaamOtamaaBaaameaacaWGZbaabeaaliabgkHiTi aadQgaaaGccaWGsbWaaSbaaSqaaiaadohacqGHsislcaWGobWaaSba aWqaaiaadohaaeqaaaWcbeaaaOGaay5Eaiaaw2haaiabgUcaRmaacm aabaWaaabmaeaacaWGbbWaaWbaaSqabeaacaWGQbaaaaqaaiaadQga cqGH9aqpcaaIWaaabaGaamOtamaaBaaameaacaWGZbaabeaaliabgk HiTiaaigdaa0GaeyyeIuoakiaadIeacaWGcbWaaWbaaSqabeaacaWG QbaaaOGaamiwamaaBaaaleaacaWGZbaabeaaaOGaay5Eaiaaw2haai abgkHiTmaacmaabaGaeqOSdi2aaabmaeaacaWGbbWaaWbaaSqabeaa caWGQbaaaaqaaiaadQgacqGH9aqpcaaIWaaabaGaamOtamaaBaaame aacaWGZbaabeaaliabgkHiTiaaigdaa0GaeyyeIuoakiaadIeacaWG cbWaaWbaaSqabeaacaWGQbaaaOGaamOuamaaBaaaleaacaWGZbaabe aaaOGaay5Eaiaaw2haaaaa@9632@