RDP 2016-12: The Household Cash Flow Channel of Monetary Policy
Equation (3)
ln
(
C
i
t
)
=
β
V
R
ln
(
M
i
t
V
R
)
+
β
F
R
ln
(
M
i
t
F
R
)
+
γ
C
O
N
T
R
O
L
S
i
t
+
μ
i
+
ξ
i
t
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