RDP 2003-11: How Should Monetary Policy Respond to Asset-Price Bubbles? Equation (C8)

J s ≡ A N s Z s− N s + ∑ j=0 N s −1 A j H F N s −j X s− N s −β ∑ j=0 N s −1 A j H F N s −j R s− N s MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOsamaaBa aaleaacaWGZbaabeaakiabggMi6kaadgeadaahaaWcbeqaaiaad6ea daWgaaadbaGaam4CaaqabaaaaOGaamOwamaaBaaaleaacaWGZbGaey OeI0IaamOtamaaBaaameaacaWGZbaabeaaaSqabaGccqGHRaWkdaae WbqaaiaadgeadaahaaWcbeqaaiaadQgaaaaabaGaamOAaiabg2da9i aaicdaaeaacaWGobWaaSbaaWqaaiaadohaaeqaaSGaeyOeI0IaaGym aaqdcqGHris5aOGaamisaiaadAeadaahaaWcbeqaaiaad6eadaWgaa adbaGaam4CaaqabaWccqGHsislcaWGQbaaaOGaamiwamaaBaaaleaa caWGZbGaeyOeI0IaamOtamaaBaaameaacaWGZbaabeaaaSqabaGccq GHsislcqaHYoGydaaeWbqaaiaadgeadaahaaWcbeqaaiaadQgaaaaa baGaamOAaiabg2da9iaaicdaaeaacaWGobWaaSbaaWqaaiaadohaae qaaSGaeyOeI0IaaGymaaqdcqGHris5aOGaamisaiaadAeadaahaaWc beqaaiaad6eadaWgaaadbaGaam4CaaqabaWccqGHsislcaWGQbaaaO GaamOuamaaBaaaleaacaWGZbGaeyOeI0IaamOtamaaBaaameaacaWG ZbaabeaaaSqabaaaaa@6F5A@