Skip to content
RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
P
=
α
5
(
log
P
^
−
log
P
)
+
δ
1
(
log
m
^
−
log
M
P
)
+
θ
10
log
(
Q
⋅
EP
w
P
)
P
^
=
P
0
W
⋅
L
y
0
e
λ
4
t
L
1
−
θ
4
K
θ
4
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@8774@