RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help? Equation (A4)

U C t = U t C t + U t Z t Z t C t +β U t+1 Z t+1 Z t+1 C t + β 2 U t+2 Z t+2 Z t+2 C t + MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaSaaaeaacq GHciITcaWGvbaabaGaeyOaIyRaam4qamaaBaaaleaacaWG0baabeaa aaGccqGH9aqpdaWcaaqaaiabgkGi2kaadwfadaWgaaWcbaGaamiDaa qabaaakeaacqGHciITcaWGdbWaaSbaaSqaaiaadshaaeqaaaaakiab gUcaRmaalaaabaGaeyOaIyRaamyvamaaBaaaleaacaWG0baabeaaaO qaaiabgkGi2kaadQfadaWgaaWcbaGaamiDaaqabaaaaOWaaSaaaeaa cqGHciITcaWGAbWaaSbaaSqaaiaadshaaeqaaaGcbaGaeyOaIyRaam 4qamaaBaaaleaacaWG0baabeaaaaGccqGHRaWkcqaHYoGydaWcaaqa aiabgkGi2kaadwfadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqaaa GcbaGaeyOaIyRaamOwamaaBaaaleaacaWG0bGaey4kaSIaaGymaaqa baaaaOWaaSaaaeaacqGHciITcaWGAbWaaSbaaSqaaiaadshacqGHRa WkcaaIXaaabeaaaOqaaiabgkGi2kaadoeadaWgaaWcbaGaamiDaaqa baaaaOGaey4kaSIaeqOSdi2aaWbaaSqabeaacaaIYaaaaOWaaSaaae aacqGHciITcaWGvbWaaSbaaSqaaiaadshacqGHRaWkcaaIYaaabeaa aOqaaiabgkGi2kaadQfadaWgaaWcbaGaamiDaiabgUcaRiaaikdaae qaaaaakmaalaaabaGaeyOaIyRaamOwamaaBaaaleaacaWG0bGaey4k aSIaaGOmaaqabaaakeaacqGHciITcaWGdbWaaSbaaSqaaiaadshaae qaaaaakiabgUcaRiablAcilbaa@7F91@