Skip to content
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
*
.
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGHb WaaSbaaSqaaiaadshaaeqaaOGaeyypa0ZaaeWaaeaadaWcaaqaaiab eo8aZnaabmaabaGaaGymaiabgUcaRiaadseaaiaawIcacaGLPaaaae aacaaIYaGaamiraaaacqGHRaWkcqaHvpGzaiaawIcacaGLPaaaceWG 5bGbaebadaWgaaWcbaGaamiDaaqabaGccqGHRaWkdaWcaaqaaiabeo 8aZnaabmaabaGaamiraiabgkHiTiaaigdaaiaawIcacaGLPaaaaeaa caaIYaGaamiraaaaceWG5bGbaebadaqhaaWcbaGaamiDaaqaaiaacQ caaaGccqGHsislcqaHvpGzcaWGHbWaaSbaaSqaaiaadshaaeqaaOGa aiilaaqaaiaadggadaqhaaWcbaGaamiDaaqaaiaacQcaaaGccqGH9a qpdaqadaqaamaalaaabaGaeq4Wdm3aaeWaaeaacaaIXaGaey4kaSIa amiraaGaayjkaiaawMcaaaqaaiaaikdacaWGebaaaiabgUcaRiabew 9aMbGaayjkaiaawMcaaiqadMhagaqeamaaDaaaleaacaWG0baabaGa aiOkaaaakiabgUcaRmaalaaabaGaeq4Wdm3aaeWaaeaacaWGebGaey OeI0IaaGymaaGaayjkaiaawMcaaaqaaiaaikdacaWGebaaaiqadMha gaqeamaaBaaaleaacaWG0baabeaakiabgkHiTiabew9aMjaadggada qhaaWcbaGaamiDaaqaaiaacQcaaaGccaGGUaaaaaa@7A55@