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
.
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