RDP 8601: Classical Models and Unobserved Aggregates
Equation (9)
p
t
=
t
−
1
M
t
+
(
1
/
(
1
+
α
)
)
(
M
t
−
t
−
1
M
t
)
+
(
1
/
(
1
+
α
)
)
ε
t
d
−
(
1
/
(
1
+
α
)
)
ε
t
s
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