Maccini, Louis J. (contributor); … - 2004 - [Elektronische Ressource]
,
t
X , real sales, and W
t
, a real cost shock, which we will
associate with real input prices. (We do not include … real sales,
t
X , and the real cost shock, W
t
, are given
exogenously. The first two terms capture production costs … from (3)
1ttt t
YNN X
−
=− +. Observe that (4) involves products of the discount
factor and the choice variables and …