RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence Equation (A1)

r ˜ t = ∑ i = 0 3 [ ( 1 + i t 100 ) 0.25 − 1 ] t − 1 − P t − P t − 4 P t − 4 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@5B24@