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RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
M
=
α
12
(
log
m
^
−
log
M
P
)
m
^
=
m
0
(
y
+
npi
)
β
1
r
b
β
3
(
r
w
+
ξ
)
β
3
(
U
.
K
.
)
m
^
=
m
0
y
β
1
e
β
3
r
b
e
θ
1
(
r
w
+
ξ
)
(
Aust
.
)
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