RDP 2003-11: How Should Monetary Policy Respond to Asset-Price Bubbles? Equation (C4)

Z s ={ A N s Z s− N s + ∑ j=0 N s −1 A j H X s−j }−β ∑ j=0 N s −1 A j H R s−j . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOwamaaBa aaleaacaWGZbaabeaakiabg2da9maacmaabaGaamyqamaaCaaaleqa baGaamOtamaaBaaameaacaWGZbaabeaaaaGccaWGAbWaaSbaaSqaai aadohacqGHsislcaWGobWaaSbaaWqaaiaadohaaeqaaaWcbeaakiab gUcaRmaaqahabaGaamyqamaaCaaaleqabaGaamOAaaaakiaadIeaca WGybWaaSbaaSqaaiaadohacqGHsislcaWGQbaabeaaaeaacaWGQbGa eyypa0JaaGimaaqaaiaad6eadaWgaaadbaGaam4CaaqabaWccqGHsi slcaaIXaaaniabggHiLdaakiaawUhacaGL9baacqGHsislcqaHYoGy daaeWbqaaiaadgeadaahaaWcbeqaaiaadQgaaaGccaWGibGaamOuam aaBaaaleaacaWGZbGaeyOeI0IaamOAaaqabaGccaGGUaaaleaacaWG QbGaeyypa0JaaGimaaqaaiaad6eadaWgaaadbaGaam4CaaqabaWccq GHsislcaaIXaaaniabggHiLdaaaa@65B5@