Skip to content
RDP 1977-07: Money and the Balance of Payments
Equation (7) Bank rate
Dlog
r
b
=
α
7
(
log
r
^
b
−
log
r
b
)
+
γ
2
Dlog
r
w
r
^
b
=
r
0
(
EP
i
P
)
β
10
(
y
y
*
e
λ
1
t
)
β
11
(
R
R
*
e
λ
2
t
)
β
12
(
Λ
Λ
*
e
λ
2
t
)
β
13
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@8F55@