RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (53)
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
E
t
+
j
(
P
H
t
+
j
*
)
ξ
C
H
t
+
j
*
.
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaacbiGaa8huam aaDaaaleaacaWGibGaamiDaaqaaiaaicdacaGGQaaaaOGaaiikaiaa dQhacaGGPaGaeyypa0ZaaSaaaeaacaWGfbWaaSbaaSqaaiaadshaae qaaOWaaabCaeaacqaH4oqCdaahaaWcbeqaaiaadQgaaaGccaWGrbWa aSbaaSqaaiaadshacaGGSaGaamiDaiabgUcaRiaadQgaaeqaaOGaai ikaiaaigdaiiaacqGFsislcqaHepaDdaWgaaWcbaGaamiDaaqabaGc caGGPaaaleaacaWGQbGaeyypa0JaaGimaaqaaiabg6HiLcqdcqGHri s5aOGaam4vamaaBaaaleaacaWG0bGaey4kaSIaamOAaaqabaGcdaqa daqaaiaadcfadaqhaaWcbaGaamisaiaadshacqGHRaWkcaWGQbaaba GaaiOkaaaaaOGaayjkaiaawMcaamaaCaaaleqabaGaeqOVdGhaaOGa am4qamaaDaaaleaacaWGibGaamiDaiabgUcaRiaadQgaaeaacaGGQa aaaOGaai4laiaadgeadaWgaaWcbaGaamiDaiabgUcaRiaadQgaaeqa aaGcbaGaamyramaaBaaaleaacaWG0baabeaakmaaqahabaGaeqiUde 3aaWbaaSqabeaacaWGQbaaaaqaaiaadQgacqGH9aqpcaaIWaaabaGa eyOhIukaniabggHiLdGccaWGrbWaaSbaaSqaaiaadshacaGGSaGaam iDaiabgUcaRiaadQgaaeqaaOGaamyramaaBaaaleaacaWG0bGaey4k aSIaamOAaaqabaGcdaqadaqaaiaadcfadaqhaaWcbaGaamisaiaads hacqGHRaWkcaWGQbaabaGaaiOkaaaaaOGaayjkaiaawMcaamaaCaaa leqabaGaeqOVdGhaaOGaam4qamaaDaaaleaacaWGibGaamiDaiabgU caRiaadQgaaeaacaGGQaaaaaaakiaac6caaaa@8E08@