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RDP 1977-07: Money and the Balance of Payments
Equation
Dr
b
=
α
7
(
r
^
b
−
r
b
)
+
β
11
log
L
ϕ
0
N
+
β
12
log
R
θ
0
M
+
θ
13
Dlog
R
+
θ
14
QS
r
^
b
=
r
0
+
4.0
Dlog
M
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