RDP 2011-02: Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
Equation (A8)
m
t
u
=
μ
1
m
t
−
1
u
+
μ
2
m
t
+
1
u
+
μ
3
[
Λ
t
u
−
a
^
t
]
+
μ
4
R
^
t
+
μ
5
e
^
t
−
μ
6
τ
[
m
t
u
−
b
L
,
t
u
]
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