RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy Equation (9)

R ^ 1 , t = L E t [ ∑ j = 0 ∞ R ^ L , t + L j − ∑ j = 0 ∞ R ^ L , t + L j + 1 ] − E t [ ∑ j = 0 ∞ Φ t + L j − ∑ j = 0 ∞ Φ t + L j + 1 ] . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaaeaaaaaaaaa8 qaceWGsbGbaKaadaWgaaWcbaGaaGymaiaacYcacaWG0baabeaakiab g2da9iaadYeaieaacaWFjbGaa8xramaaBaaaleaacaWG0baabeaakm aadmaabaWaaabCaeaaceWGsbGbaKaadaWgaaWcbaGaamitaiaacYca caWG0bGaey4kaSIaamitaiaadQgaaeqaaOGaeyOeI0YaaabCaeaace WGsbGbaKaadaWgaaWcbaGaamitaiaacYcacaWG0bGaey4kaSIaamit aiaadQgacqGHRaWkcaaIXaaabeaaaeaacaWGQbGaeyypa0JaaGimaa qaaiabg6HiLcqdcqGHris5aaWcbaGaamOAaiabg2da9iaaicdaaeaa cqGHEisPa0GaeyyeIuoaaOGaay5waiaaw2faaiabgkHiTiaa=Leaca WFfbWdamaaBaaaleaacaWG0baabeaakmaadmaabaWaaabCaeaacqqH MoGrdaWgaaWcbaGaamiDaiabgUcaRiaadYeacaWGQbaabeaakiabgk HiTmaaqahabaGaeuOPdy0aaSbaaSqaaiaadshacqGHRaWkcaWGmbGa amOAaiabgUcaRiaaigdaaeqaaaqaaiaadQgacqGH9aqpcaaIWaaaba GaeyOhIukaniabggHiLdaaleaacaWGQbGaeyypa0JaaGimaaqaaiab g6HiLcqdcqGHris5aaGccaGLBbGaayzxaaGaaiOlaaaa@7C15@