RDP 2011-01: Estimating Inflation Expectations with a Limited Number of Inflation-indexed Bonds
Equation (B7)
E
t
(
M
t
+
τ
M
t
)
=
E
t
(
exp
(
−
∫
t
t
+
τ
π
t
+
1
2
λ
′
t
λ
t
d
t
−
∫
t
t
+
τ
λ
′
t
d
B
t
)
)
=
E
t
(
exp
(
−
∫
t
t
+
τ
π
s
∗
d
s
)
)
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