RDP 2007-07: More Potent Monetary Policy? Insights from a Threshold Model
Equation (3)
G
I
R
F
=
E
[
X
t
+
k
|
ξ
t
,
Ω
t
−
1
]
−
E
[
X
t
+
k
|
Ω
t
−
1
]
,
for
k
=
0
,
1
,
..
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