RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (37)
W
t
(
h
)
P
t
=
(
1
+
μ
t
W
)
(
C
t
(
h
)
)
σ
(
N
t
(
h
)
)
ϕ
,
W
h
e
r
e
μ
t
W
≡
1
η
t
−
1
.
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