RDP 8611: The Effectiveness of Fiscal Policy in an Economy with Anticipatory Wage Contracts
Equation (28)
[
π
˙
y
˙
b
˙
]
=
[
1
ℓ
i
(
1
−
ξ
+
η
ℓ
y
)
1
ℓ
i
[
ℓ
i
(
π
^
+
n
−
ϕ
)
−
(
ρ
e
b
^
−
t
)
D
^
]
−
α
ℓ
i
(
ρ
−
θ
)
e
b
^
−
m
^
η
−
ϕ
0
0
n
(
ρ
e
b
^
t
)
D
^
−
n
]
[
(
π
−
π
^
)
y
−
y
^
(
b
−
b
^
)
]
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