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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
,
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4DamaaBa aaleaacaWG0baabeaakiabgkHiTiaadchadaWgaaWcbaGaamisaiaa dshaaeqaaOGaeyypa0ZaaeWaaeaadaWcaaqaaiabeo8aZnaabmaaba GaaGymaiabgUcaRiaadseaaiaawIcacaGLPaaaaeaacaaIYaGaamir aaaacqGHRaWkcqaHvpGzaiaawIcacaGLPaaacaWG5bWaaSbaaSqaai aadshaaeqaaOGaey4kaSYaaSaaaeaacqaHdpWCdaqadaqaaiaadsea cqGHsislcaaIXaaacaGLOaGaayzkaaaabaGaaGOmaiaadseaaaGaam yEamaaDaaaleaacaWG0baabaGaaiOkaaaakiabgUcaRmaalaaabaGa amiraiabgkHiTmaabmaabaGaeqyVd4MaeyOeI0IaaGymaaGaayjkai aawMcaaaqaaiaaikdacaWGebaaaiabfs5aenaaBaaaleaacaWG0baa beaakiabgkHiTiabew9aMjaadggadaWgaaWcbaGaamiDaaqabaGccq GHRaWkcqaH8oqBdaqhaaWcbaGaamiDaaqaaiaadEhaaaGccaGGSaaa aa@6BA5@