yt = C + 9t ydt - yt + rt-1bh,t-1 - tt to = 0(yt + rt-1bh,t-1) Ut = Ut-1 + ydt - Ct Ct = 01 . yd + 02 . Ut-1 hh,t = Ut - bh,t bd,t (15) UF of = Ut-1 + yd; - ct bhut = bd,t ba,t = by,t-1 + (9t + rt-1bs,t-1) - (tt + It-1beb,t-1) hat = hat-1 + bcb,t - beb,t-1 beb,t = by,t - bd,t yd; = ydt-1