RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (1)
U
t
(
h
)
=
E
t
{
∑
j
=
0
∞
β
j
[
1
1
−
σ
C
t
+
j
(
h
)
1
−
σ
−
1
1
+
ϕ
N
t
+
j
(
h
)
1
+
ϕ
]
}
,
σ
>
0
,
ϕ
≥
0
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