RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (13)
β
(
C
∗
(
∇
t
+
1
)
/
C
∗
(
∇
t
)
)
−
σ
(
E
t
P
t
∗
/
E
t
+
1
P
t
+
1
∗
)
=
Z
⃛
(
∇
t
+
1
|
∇
t
)
.
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