Andersen, Torben M. (contributor); … - 2008
such di�erences
across European countries (member or potential member countries of EMU),
see e.g. the OECD (various issues ….2 Households
2.2.1 Consumption and bond holdings
Household h in country i has the utility function
Et
1X
=0
1Cit+ (h … lower-case letters
denote (log-)deviations from steady-state values of corresponding upper-case variables (xt
dXt=X ln(Xt=X …