RBA Annual Conference – 2015
Equation (7)
E
N
T
R
Y
i
p
s
t
=
β
ln
(
H
P
p
t
)
+
γ
S
M
A
L
L
i
*
ln
(
H
P
p
t
)
+
ρ
L
O
C
A
L
s
*
ln
(
H
P
p
t
)
+
τ
L
O
C
A
L
s
*
S
M
A
L
L
i
*
ln
(
H
P
p
t
)
+
δ
X
p
t
+
ϑ
i
p
s
t
.
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