RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (A14)
w
t
−
p
H
t
=
(
σ
(
1
+
D
)
2
D
+
ϕ
)
y
t
+
σ
(
D
−
1
)
2
D
y
t
*
+
D
−
(
ν
−
1
)
2
D
Δ
t
−
ϕ
a
t
+
μ
t
w
,
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