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RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (55)
π
H
t
=
δ
[
(
σ
(
1
+
D
)
2
D
+
ϕ
)
y
˜
t
+
σ
(
D
−
1
)
2
D
y
˜
t
*
]
+
β
E
t
π
H
t
+
1
+
u
t
,
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