RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (59)
π
H
t
*
=
δ
[
(
σ
(
1
+
D
)
2
D
+
ϕ
)
y
˜
t
+
σ
(
D
−
1
)
2
D
y
˜
t
*
+
D
+
ν
−
1
2
D
Δ
t
]
+
β
E
t
π
H
t
+
1
*
+
u
t
,
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