RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence Equation (13)

m t = − 1 ε m ϕ t − a m Δ m t + β a m E t Δ m t + 1 − 1 R ε m R t + 1 ε m ε m , t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@6317@