RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (14)
y
∼
t
∘
=
ω
y
∼
t
−
1
∘
−
y
ρ
(
ρ
t
−
1
−
ρ
¯
)
+
ε
y
t
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