RDP 2006-02: Term Structure Rules for Monetary Policy
Equation (1)
x
t
=
−
(
R
1
,
t
−
E
t
π
t
+
1
)
+
E
t
x
t
+
1
+
μ
g
(
1
−
ϕ
)
g
t
−
(
1
−
ρ
)
a
t
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