RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (16)
Γ
t
(
f
)
=
P
H
t
(
f
)
C
H
t
(
f
)
+
E
t
P
H
t
∗
(
f
)
C
H
t
∗
(
f
)
−
(
1
−
τ
t
)
W
t
N
t
(
f
)
.
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