Research Discussion Paper – 1974
Equation (29)
P
•
=
β
b
1
X
N
t
−
1
+
β
b
2
W
E
e
•
+
(
1
−
β
b
2
)
(
P
W
:
E
R
)
e
+
β
b
4
Q
e
•
+
β
b
5
(
t
P
e
•
−
t
I
e
•
)
+
(
β
b
2
−
β
b
5
)
t
Y
e
•
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