RDP 2003-11: How Should Monetary Policy Respond to Asset-Price Bubbles?
Equation (D5)
L
s
(
k
)
=
∑
τ
=
s
+
1
∞
[
E
s
(
y
τ
2
)
+
μ
E
s
(
π
τ
2
)
]
=
μ
+
q
2
1
−
(
1
−
α
q
)
2
(
α
y
s
+
k
+
π
s
+
k
)
2
+
∑
τ
=
s
+
1
s
+
k
[
E
s
(
y
τ
2
)
+
μ
E
s
(
π
τ
2
)
]
=
Z
s
(
k
)
T
Ω
s
(
k
)
Z
s
(
k
)
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