7Derivation:

mmmt+1 ∕pppt+1  =  (mmmt - ccct)R∕pppt+1 + yyyt+1∕pppt+1
              (        )         y
     mt+1  =    mmmt-- ccct  R-pppt-+  yyt+1-
                pppt   pppt   pppt+1   pppt+1
           =  (◟mt◝-◜-ct)◞(R∕Γ t+1)+ θt+1.
                  at