RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (A4)
∂
U
∂
C
t
=
∂
U
t
∂
C
t
+
∂
U
t
∂
Z
t
∂
Z
t
∂
C
t
+
β
∂
U
t
+
1
∂
Z
t
+
1
∂
Z
t
+
1
∂
C
t
+
β
2
∂
U
t
+
2
∂
Z
t
+
2
∂
Z
t
+
2
∂
C
t
+
…
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