Bulletin – December 2015
Equation
C
o
n
s
u
m
e
r
s
e
n
t
i
m
e
n
t
t
=
α
+
β
1
c
a
s
h
r
a
t
e
t
−
1
+
β
2
u
n
e
m
p
t
−
1
+
β
3
Δ
log
(
c
o
m
p
e
n
s
a
t
i
o
n
o
f
e
m
p
l
o
y
e
e
s
t
−
1
)
+
β
4
Δ
log
(
h
o
u
s
i
n
g
w
e
a
l
t
h
t
−
1
)
+
β
5
Δ
log
(
s
h
a
r
e
p
r
i
c
e
s
t
−
1
)
+
β
6
Δ
log
(
G
D
P
t
−
1
)
+
γ
(
t
u
r
n
i
n
g
p
o
i
n
t
s
d
u
m
m
y
)
+
ε
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@E69C@