RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation (A11)
R
^
L
,
t
=
ρ
R
R
^
L
,
t
−
1
+
ρ
π
π
t
+
ρ
y
y
t
+
ρ
μ
μ
t
+
ε
R
,
t
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