RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation (4)
(
M
t
+
B
t
R
1
,
t
+
B
L
,
t
(
R
L
,
t
)
L
)
−
(
M
t
−
1
+
B
t
−
1
+
B
L
,
t
−
L
)
P
t
=
T
t
P
t
.
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