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aggregate demand assumption autonomous component change in domestic changes in reserves convergent path dampens de/drQ de/dt degree of sterilization domestic credit Cq domestic interest rate Dornbusch dp/dt E(de/dt effects of intervention endogenous policy equal to infinity equal to zero equation 1.9 equations 8.2 equilibrium interest rate exchange market equilibrium exchange rate overshooting exchange-rate exogenous change floating exchange rate foreign asset demand foreign exchange market foreign exchange policies foreign interest rate full sterilization functions for domestic H equal impact effects imperfect capital substitution implies increase in Cq initial domestic interest interest rate increases internal and external logarithm long-run equilibrium interest long-run equilibrium value monetary authority money demand money market equilibrium overshooting undershooting parameters partial sterilization perfect foresight place the system positive private foreign asset purchasing power parity rate and price rational expectations real exchange rate response return on foreign speed of adjustment sterilization policy sticky prices transitional dynamics variable sterilization