RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation (A1)
Λ
t
=
ϕ
0
a
^
t
+
ϕ
1
y
t
−
1
−
ϕ
2
y
t
+
β
ϕ
1
E
t
y
t
+
1
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeu4MdW0aaS baaSqaaiaadshaaeqaaOGaeyypa0Jaeqy1dy2aaSbaaSqaaiaaicda aeqaaOGabmyyayaajaWaaSbaaSqaaiaadshaaeqaaOGaey4kaSIaeq y1dy2aaSbaaSqaaiaaigdaaeqaaOGaamyEamaaBaaaleaacaWG0bGa eyOeI0IaaGymaaqabaGccqGHsislcqaHvpGzdaWgaaWcbaGaaGOmaa qabaGccaWG5bWaaSbaaSqaaiaadshaaeqaaOGaey4kaSIaeqOSdiMa eqy1dy2aaSbaaSqaaiaaigdaaeqaaGqaaOGaa8xsaabaaaaaaaaape Gaa8xramaaBaaaleaacaWG0baabeaakiaadMhadaWgaaWcbaGaamiD aiabgUcaRiaaigdaaeqaaaaa@57A5@