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RDP 2017-06: Uncertainty and Monetary Policy in Good and Bad Times
Equation (1)
X
t
=
F
(
z
t
−
1
)
∏
R
(
L
)
X
t
+
(
1
−
F
(
z
t
−
1
)
)
∏
E
(
L
)
X
t
+
ε
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@5ABE@