7Derivation:

mt+1 ∕pppt+1 = (mt − ct)R ∕pppt+1 +yt+1∕pppt+1
            (mt    ct)   pppt    yt+1
     mt+1 =  -ppp-− ppp- Rppp---+ ppp---
               t   t     t+1    t+1
          = (m◟t-−◝◜ct)◞(R∕Γ t+1)+ 𝜃t+1.
               at