RDP 2005-04: Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound Equation (16)

γ t = 1 ϕ ( r t 1 r t 1 ) MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeq4SdC2aaSbaaSqaaiaadshaaeqaaOGaeyypa0JaaGymaiabgkHiTiabew9aMnaabmaabaGaamOCamaaBaaaleaacaWG0bGaeyOeI0IaaGymaaqabaGccqGHsislcaWGYbWaa0baaSqaaiaadshacqGHsislcaaIXaaabaGaey4fIOcaaaGccaGLOaGaayzkaaaaaa@4842@