RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (A1)
r
˜
t
=
∑
i
=
0
3
[
(
1
+
i
t
100
)
0.25
−
1
]
t
−
1
−
P
t
−
P
t
−
4
P
t
−
4
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