7Derivation:

mt+1 ∕pppt+1 = (m(t − ct)R)∕pppt+1 +yt+1∕pppt+1
             mt-   ct-   pppt--  yt+1-
     mt+1 =   pppt − pppt Rpppt+1 + pppt+1
          = (m  − c )(R∕Γ   )+ 𝜃   .
            ◟-t◝◜-t◞    t+1    t+1
               at