RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination Equation (48)

P H t 0 ( z ) = E t ∑ j = 0 ∞ θ j Q t , t + j ( 1 − τ t ) W t + j P H t + j ξ C H t + j / A t + j E t ∑ j = 0 ∞ θ j Q t , t + j P H t + j ξ C H t + j . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaacbiGaa8huam aaDaaaleaacaWGibGaamiDaaqaaiaaicdaaaGccaGGOaGaamOEaiaa cMcacqGH9aqpdaWcaaqaaiaadweadaWgaaWcbaGaamiDaaqabaGcda aeWbqaaiabeI7aXnaaCaaaleqabaGaamOAaaaakiaadgfadaWgaaWc baGaamiDaiaacYcacaWG0bGaey4kaSIaamOAaaqabaGccaGGOaGaaG ymaGGaaiab+jHiTiabes8a0naaBaaaleaacaWG0baabeaakiaacMca aSqaaiaadQgacqGH9aqpcaaIWaaabaGaeyOhIukaniabggHiLdGcca WGxbWaaSbaaSqaaiaadshacqGHRaWkcaWGQbaabeaakiaadcfadaqh aaWcbaGaamisaiaadshacqGHRaWkcaWGQbaabaGaeqOVdGhaaOGaam 4qamaaBaaaleaacaWGibGaamiDaiabgUcaRiaadQgaaeqaaOGaai4l aiaadgeadaWgaaWcbaGaamiDaiabgUcaRiaadQgaaeqaaaGcbaGaam yramaaBaaaleaacaWG0baabeaakmaaqahabaGaeqiUde3aaWbaaSqa beaacaWGQbaaaaqaaiaadQgacqGH9aqpcaaIWaaabaGaeyOhIukani abggHiLdGccaWGrbWaaSbaaSqaaiaadshacaGGSaGaamiDaiabgUca RiaadQgaaeqaaOGaamiuamaaDaaaleaacaWGibGaamiDaiabgUcaRi aadQgaaeaacqaH+oaEaaGccaWGdbWaaSbaaSqaaiaadIeacaWG0bGa ey4kaSIaamOAaaqabaaaaOGaaiOlaaaa@8356@