RDP 8808: Consumption and Permanent Income: The Australian Case
Equation (18)
C
t
+
1
=
γ
(
C
t
−
C
t
v
)
+
μ
t
+
1
+
Y
t
+
1
v
C
t
+
1
=
γ
C
t
−
γ
(
1
−
Ω
)
Y
t
+
(
1
−
Ω
)
Y
t
+
1
+
μ
t
+
1
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