RDP 2009-01: Currency Misalignments and Optimal Monetary Policy: A Re-examination
Equation (89)
r
t
W
=
(
ρ
+
(
1
−
ρ
)
σ
ξ
)
π
t
W
+
σ
(
E
t
y
¯
t
+
1
W
−
y
¯
t
W
)
=
(
ρ
+
(
1
−
ρ
)
σ
ξ
)
π
t
W
+
r
r
¯
t
W
.
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