RDP 2006-02: Term Structure Rules for Monetary Policy
Equation
R
1
,
t
=
τ
R
1
,
t
−
1
+
α
π
t
+
γ
2
∑
k
=
1
2
E
t
π
t
+
k
+
(
δ
−
γ
2
)
x
t
+
γ
2
E
t
x
t
+
2
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