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RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (88)
r
t
R
=
(
ρ
+
(
1
−
ρ
)
σ
ξ
)
π
t
R
+
σ
(
ν
−
1
)
D
(
E
t
y
¯
t
+
1
R
−
y
¯
t
R
)
=
(
ρ
+
(
1
−
ρ
)
σ
ξ
)
π
t
R
+
r
r
¯
t
R
,
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