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RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation (1)
E
0
∑
t
=
0
∞
β
t
{
a
t
[
U
(
C
t
u
(
C
t
−
1
u
)
h
)
+
V
(
M
t
u
e
t
P
t
)
−
(
N
t
u
)
1
+
φ
1
+
φ
]
−
G
(
⋅
)
}
,
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