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RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (B1)
υ
t
≡
1
1
−
σ
(
C
t
1
−
σ
+
C
t
*
1
−
σ
)
−
1
1
+
ϕ
(
N
t
+
j
1
+
ϕ
+
N
t
+
j
*
1
+
ϕ
)
.
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