RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination Equation (49)

P H t 0 ∗ ∗ ( z ) = E t ∑ j = 0 ∞ θ j Q t , t + j ( 1 − τ t ) W t + j ( E t + j P H t + j ∗ ) ξ C H t + j ∗ / A t + j E t ∑ j = 0 ∞ θ j Q t , t + j ( E t + j P H t + j ∗ ) ξ C H t + j ∗ . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamiuamaaDa aaleaacaWGibGaamiDaaqaaiaaicdadaahaaadbeqaaiabgEHiQiab gEHiQaaaaaGccaGGOaacbiGaa8NEaiaacMcacqGH9aqpdaWcaaqaai aadweadaWgaaWcbaGaamiDaaqabaGcdaaeWbqaaiabeI7aXnaaCaaa leqabaGaamOAaaaakiaadgfadaWgaaWcbaGaamiDaiaacYcacaWG0b Gaey4kaSIaamOAaaqabaaabaGaamOAaiabg2da9iaaicdaaeaacqGH EisPa0GaeyyeIuoakiaacIcacaaIXaaccaGae4NeI0IaeqiXdq3aaS baaSqaaiaadshaaeqaaOGaaiykaiaadEfadaWgaaWcbaGaamiDaiab gUcaRiaadQgaaeqaaOGaaiikaiaadweadaWgaaWcbaGaamiDaiabgU caRiaadQgaaeqaaOGaamiuamaaDaaaleaacaWGibGaamiDaiabgUca RiaadQgaaeaacqGHxiIkaaGccaGGPaWaaWbaaSqabeaacqaH+oaEaa GccaWGdbWaa0baaSqaaiaadIeacaWG0bGaey4kaSIaamOAaaqaaiab gEHiQaaakiaac+cacaWGbbWaaSbaaSqaaiaadshacqGHRaWkcaWGQb aabeaaaOqaaiaadweadaWgaaWcbaGaamiDaaqabaGcdaaeWbqaaiab eI7aXnaaCaaaleqabaGaamOAaaaaaeaacaWGQbGaeyypa0JaaGimaa qaaiabg6HiLcqdcqGHris5aOGaamyuamaaBaaaleaacaWG0bGaaiil aiaadshacqGHRaWkcaWGQbaabeaakiaacIcacaWGfbWaaSbaaSqaai aadshacqGHRaWkcaWGQbaabeaakiaadcfadaqhaaWcbaGaamisaiaa dshacqGHRaWkcaWGQbaabaGaey4fIOcaaOGaaiykamaaCaaaleqaba GaeqOVdGhaaOGaam4qamaaDaaaleaacaWGibGaamiDaiabgUcaRiaa dQgaaeaacqGHxiIkaaaaaOGaaiOlaaaa@93BF@