RDP 9406: Reserve Bank Operations in the Foreign Exchange Market: Effectiveness and Profitability Equation

Π t = ∑ i = 1 t m i [ e i − s i ] + { ∑ i = 1 t ( ν i − m i ) ( e t − s t ) } + ∑ i = 1 t e i [ ( r i * − r i ) ∑ j = 1 i ( ν j − m j ) ] MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacqqHGo audaWgaaWcbaGaamiDaaqabaGccqGH9aqpdaaeWbqaaiaad2gadaWg aaWcbaGaamyAaaqabaGcdaWadaqaaiaadwgadaWgaaWcbaGaamyAaa qabaGccqGHsislcaWGZbWaaSbaaSqaaiaadMgaaeqaaaGccaGLBbGa ayzxaaaaleaacaWGPbGaeyypa0Jaamymaaqaaiaadshaa0GaeyyeIu oaaOqaaiabgUcaRmaacmaabaWaaabCaeaadaqadaqaaiabe27aUnaa BaaaleaacaWGPbaabeaakiabgkHiTiaad2gadaWgaaWcbaGaamyAaa qabaaakiaawIcacaGLPaaadaqadaqaaiaadwgadaWgaaWcbaGaamiD aaqabaGccqGHsislcaWGZbWaaSbaaSqaaiaadshaaeqaaaGccaGLOa GaayzkaaaaleaacaWGPbGaeyypa0Jaamymaaqaaiaadshaa0Gaeyye IuoaaOGaay5Eaiaaw2haaaqaaiabgUcaRmaaqahabaGaamyzamaaBa aaleaacaWGPbaabeaakmaadmaabaWaaeWaaeaacaWGYbWaa0baaSqa aiaadMgaaeaacaGGQaaaaOGaeyOeI0IaamOCamaaBaaaleaacaWGPb aabeaaaOGaayjkaiaawMcaamaaqahabaWaaeWaaeaacqaH9oGBdaWg aaWcbaGaamOAaaqabaGccqGHsislcaWGTbWaaSbaaSqaaiaadQgaae qaaaGccaGLOaGaayzkaaaaleaacaWGQbGaeyypa0Jaamymaaqaaiaa dMgaa0GaeyyeIuoaaOGaay5waiaaw2faaaWcbaGaamyAaiabg2da9i aadgdaaeaacaWG0baaniabggHiLdaaaaa@7F50@