RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (16)
y
t
=
0.02
a
t
−
1
−
0.34
k
t
−
1
+
0.20
z
t
−
1
−
0.25
c
t
−
1
−
0.43
R
t
−
1
−
0.61
π
t
−
1
−
0.33
π
t
−
2
+
ε
¯
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@72A6@