RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (10)
R
t
=
ρ
R
R
t
−
1
+
ρ
π
E
t
(
∑
j
=
0
3
π
t
+
1
−
j
)
+
ρ
y
y
t
+
ε
R
,
t
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