RDP 2005-04: Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound
Equation (B2)
M
≡
(
λ
β
α
1
)
,
Z
t
≡
(
y
t
π
t
)
,
X
t
≡
(
i
t
−
1
l
v
l
−
i
∗
0
)
.
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