RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (9)
r
t
=
κ
1
E
t
(
y
t
+
1
−
k
t
+
1
−
κ
2
x
1
−
μ
t
+
1
)
+
(
1
−
δ
)
κ
2
E
t
x
t
+
1
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