RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation
a
t
=
(
σ
(
1
+
D
)
2
D
+
ϕ
)
y
¯
t
+
σ
(
D
−
1
)
2
D
y
¯
t
*
−
ϕ
a
t
,
a
t
*
=
(
σ
(
1
+
D
)
2
D
+
ϕ
)
y
¯
t
*
+
σ
(
D
−
1
)
2
D
y
¯
t
−
ϕ
a
t
*
.
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