RDP 2016-12: The Household Cash Flow Channel of Monetary Policy
Equation (1)
ln
(
C
i
t
D
)
=
β
M
ln
(
M
i
t
)
+
γ
ln
(
Y
i
t
O
C
F
)
+
δ
C
O
N
T
R
O
L
S
i
t
+
θ
i
+
ε
i
t
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