Bulletin – March 2017
Equation (A1)
%
Δ
W
P
I
t
=
α
+
β
1
U
n
e
m
G
a
p
t
−
1
+
β
2
I
n
f
E
x
p
t
−
1
+
β
3
G
D
P
d
e
f
t
−
1
+
β
4
Δ
U
R
t
−
1
+
β
5
%
Δ
W
P
I
t
−
1
+
e
t
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