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RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (B44)
y
t
+
y
t
∗
+
1
2
(
y
t
2
+
y
t
∗
2
)
=
c
t
+
c
t
∗
+
1
2
{
c
t
2
+
c
t
∗
2
+
ν
(
2
−
ν
2
)
s
t
2
}
+
o
(
‖
a
3
‖
)
.
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