RDP 2006-05: Optimal Monetary Policy with Real-time Signal Extraction from the Bond Market
Equation (A5)
X
1
,
t
=
[
y
¯
t
,
y
t
−
1
,
π
t
−
1
,
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t
y
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ε
t
π
,
i
t
−
1
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Δ
i
t
]
′
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