RDP 8806: Employment, Output and Real Wages
Equation (2′)
1n
E
t
=
b
o
+
b
1
1
nY
t
+
b
2
1
nY
t
−
1
+
b
3
1
nW
t
+
b
4
1
nW
t
−
1
+
b
5
T
+
b
6
1
nE
t-1
+
b
7
1
nE
t-1
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