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RDP 2016-12: The Household Cash Flow Channel of Monetary Policy
Equation (5)
X
i
t
=
β
X
1
M
i
t
+
β
X
2
P
O
S
T
t
∗
M
i
t
+
γ
C
O
N
T
R
O
L
S
i
t
+
μ
i
+
λ
t
+
ν
i
t
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