RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation(A2)
Λ
t
u
=
L
[
R
^
L
,
t
−
1
L
E
t
∑
j
=
0
L
−
1
π
t
+
j
+
1
]
+
E
t
Λ
t
+
L
u
−
ζ
t
+
τ
(
m
t
u
−
b
L
,
t
u
)
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