330
331
332
333
334 t t P
335 t R t t i R +(P P ) P =i t P = R + P 1+i t
336 uc R=uc P
337
338
339
340
341
342
343 π π β τ τ (1+π ) (1 βτ )(1 τ ) (1+π ) (1 βτ ) (1 τ ) (1+π ) (1 τ ) (1 τ )
344 (1 βτ )(1 τ ) (1 βτ ) (1 τ ) (1+π ) (1 τ )(1 τ ) (1+π ) (1 βτ )(1 τ ) (1 βτ )(1 τ ) (1 βτ ) (1 τ )
345
346 E r Ω ]= E[ P+R Ω] P P P t R t Ω t uc r = β + β r + β r + β r +ε H : β =β =β =
347 e =P +R P (1+uc ) r e
348 e = β + β e + β e + β e +ε H : β =β =β = e e e = β + β e + β e + β e +γ e +γ e +v H : γ =γ =
349 P R uc e β +β + β P R uc t
350 y y y e
351
352 log P =α log P + β (log P * log P )+γ log P * log P t log P * αβ (1+α β )<4α
353 α<
354 Q =δ K*(X, P ) K K* K δ K* P X
355
356 β β
357 ββ β= β= β= β=n
358 ββ β= β= β= β=n
359
360
361
362 P j log P =α +m t +ε m
363 m log P = β + X β + β m +dummy+ε P X m ε X m m m m
364 m m
365 j β log H =α + β log P +ε H P
366 * + ** *** *** * + *** ** *** *** + *** *** * ** *** **
367
368
369 D =α HH R 1 C =α E S P 2 S =(1 δ )S +C D =S HH =R = E P =R r E ( P )=P (1+r ) R β β δ=r=n=αα
370
371