RDP 8611: The Effectiveness of Fiscal Policy in an Economy with Anticipatory Wage Contracts Equation (39)

\begin{array}{l} \tilde{y} = {\tilde{y}}^{d} < 0 \\ \hat{π} = D_{ο} e^{- \tilde{m}} - n \\ \tilde{m} = - ℓ_{i} \tilde{π} + ℓ_{y} \tilde{y} \end{array}