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RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (B31)
c
˜
t
+
c
˜
t
∗
=
y
˜
t
+
y
˜
t
*
+
Ω
(
y
˜
t
2
+
2
y
¯
t
y
˜
t
+
y
˜
t
∗
2
+
2
y
¯
t
∗
y
˜
t
∗
−
2
y
¯
t
y
˜
t
∗
−
2
y
¯
t
∗
y
˜
t
−
2
y
˜
t
y
˜
t
∗
)
+
o
(
‖
a
3
‖
)
.
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