RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (B16)
n
¯
t
*
=
1
−
σ
1
+
ϕ
[
(
ν
−
1
)
c
y
+
2
−
ν
2
]
y
¯
t
*
+
1
−
σ
1
+
ϕ
[
(
1
−
ν
)
c
y
+
ν
2
]
y
¯
t
+
o
(
‖
a
2
‖
)
.
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