\begin{equation}
\cRatE_{t+1}=\PatG \erate^{1/\CRRA} \cRatE_t
\left[1-\urate\left(\frac{\PatG}{\MPCU} \frac{\cRatE_t}{\Rfree/\PGro(\bRatE_{t} -\cRatE_{t}+1)}\right)^{\CRRA}\right]^{-1/\CRRA}.
\label{eq:cetp1}
\end{equation}
