RDP 9209: Financial Liberalisation and Consumption Behaviour Equation

\begin{array}{l} Δ \ln {\hat{y}}_{t}^{+} = & Δ \ln {\hat{y}}_{t}^{d} if & Δ \ln {\hat{y}}_{t}^{d} > Δ {lny}_{t−1}^{d} \\ zero, otherwise \\ Δ \ln {\hat{y}}_{t}^{-} = & Δ \ln {\hat{y}}_{t}^{d} if & Δ \ln {\hat{y}}_{t}^{d} < Δ {lny}_{t−1}^{d} \\ zero, otherwise \end{array}