RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation
R
^
1
,
t
=
2
E
t
[
∑
j
=
0
∞
R
^
2
,
t
+
2
j
−
∑
j
=
0
∞
R
^
2
,
t
+
2
j
+
1
]
−
E
t
[
∑
j
=
0
∞
Φ
t
+
2
j
−
∑
j
=
0
∞
Φ
t
+
2
j
+
1
]
.
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