RDP 2016-12: The Household Cash Flow Channel of Monetary Policy Equation

MPC= C Y CF =( ΔC Δ Y CF × Y ¯ CF C ¯ )× C ¯ Y CF ¯ ¯ =β× C ¯ Y CF ¯ ¯ MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@5C42@