Skip to content
RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
W
=
μ
19
[
log
(
1
−
θ
4
)
y
L
−
log
W
P
′
]
+
θ
31
log
L
ϕ
0
N
+
θ
32
log
(
W
A
w
0
e
λ
4
t
)
+
δ
3
(
log
m
^
−
log
M
P
)
P
′
=
P
0
(
EP
w
)
θ
33
P
(
1
−
θ
33
)
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@9689@