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Because the micro foundations of the model are well known, we shall simply write down the relevant log-linearized equations. FEDERAL RESERVE BANK OF ST. LOUIS J U LY / A U G U ST 2 0 0 1 8 5 9 In this case, π t =λ 1 x t-1 +π t-1 , so the IS relationship implies a=-1/ σ(1-λ 1 ).doi:10.20955/r.83.83-110 fatcat:jcy6jmfef5bhhiumekztnjztfm