RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Equation (B7)
c
t
−
y
t
=
∑
j
=
1
∞
ρ
j
E
t
[
Δ
y
t
+
j
+
b
1
a
1
(
p
t
+
j
+
1
−
p
t
+
j
)
+
c
1
a
1
(
z
t
+
j
+
1
−
z
t
+
j
)
−
δ
a
1
r
t
+
j
+
1
]
+
ε
c
t
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4yamaaBa aaleaacaWG0baabeaakiabgkHiTiaadMhadaWgaaWcbaGaamiDaaqa baGccqGH9aqpdaaeWbqaaiabeg8aYnaaCaaaleqabaGaamOAaaaaki aadweadaWgaaWcbaGaamiDaaqabaaabaGaamOAaiabg2da9iaaigda aeaacqGHEisPa0GaeyyeIuoakiaacUfacqqHuoarcaWG5bWaaSbaaS qaaiaadshacqGHRaWkcaWGQbaabeaakiabgUcaRmaalaaabaGaamOy amaaBaaaleaacaaIXaaabeaaaOqaaiaadggadaWgaaWcbaGaaGymaa qabaaaaOWaaeWaaeaacaWGWbWaaSbaaSqaaiaadshacqGHRaWkcaWG QbGaey4kaSIaaGymaaqabaGccqGHsislcaWGWbWaaSbaaSqaaiaads hacqGHRaWkcaWGQbaabeaaaOGaayjkaiaawMcaaiabgUcaRmaalaaa baGaam4yamaaBaaaleaacaaIXaaabeaaaOqaaiaadggadaWgaaWcba GaaGymaaqabaaaaOWaaeWaaeaacaWG6bWaaSbaaSqaaiaadshacqGH RaWkcaWGQbGaey4kaSIaaGymaaqabaGccqGHsislcaWG6bWaaSbaaS qaaiaadshacqGHRaWkcaWGQbaabeaaaOGaayjkaiaawMcaaiabgkHi TmaalaaabaGaeqiTdqgabaGaamyyamaaBaaaleaacaaIXaaabeaaaa GccaGGYbWaaSbaaSqaaiaadshacqGHRaWkcaWGQbGaey4kaSIaaGym aaqabaGccaGGDbGaey4kaSIaeqyTdu2aaSbaaSqaaiaadogacaWG0b aabeaaaaa@7E7B@