Skip to content
RDP 2016-12: The Household Cash Flow Channel of Monetary Policy
Equation (1)
ln
(
C
i
t
D
)
=
β
M
ln
(
M
i
t
)
+
γ
ln
(
Y
i
t
O
C
F
)
+
δ
C
O
N
T
R
O
L
S
i
t
+
θ
i
+
ε
i
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@6916@