RDP 2006-05: Optimal Monetary Policy with Real-time Signal Extraction from the Bond Market
Equation (40)
X
¯
t
=
[
H
J
K
L
1
H
[
(
H
+
J
)
+
K
L
1
J
−
K
L
1
(
H
+
J
)
]
]
X
¯
t
−
1
+
[
C
1
0
K
L
1
C
1
K
]
[
ε
t
v
t
]
.
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