RDP 2017-06: Uncertainty and Monetary Policy in Good and Bad Times
Equation
R
t
=
b
0
+
b
1
E
t
[
π
t
,
k
]
+
b
2
E
t
[
x
t
,
q
]
+
b
3
s
t
+
ρ
1
R
t
−
1
+
ρ
2
R
t
−
2
+
ν
t
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