RDP 2008-03: Monetary Transmission and the Yield Curve in a Small Open Economy
Equation (4)
R
1
,
t
*
=
ρ
r
*
R
1
,
t
−
1
*
+
α
π
*
π
t
*
+
α
x
*
x
t
*
+
ε
r
,
t
*
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