Foundations of International Macroeconomics 1
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چکیده
where mreal,t = dmt/m denotes the percentage deviation of real money balances from their steady-state level, ∆pt ≡ [(Pt/Pt−1) /(1+μ)]−1 denotes the percentage deviation of inßation from its (gross) steady-state level of 1 + μ, and the other variables are as deÞned in the text. The foreign counterpart to (370) is mreal,t = c ∗ t− δ (1 + μ) (1 + δ) − (1 + δ)rt+1− 1 (1 + μ) (1 + δ)− 1 ∗ t+1. (38 0)
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