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RDP 9602: Consumption and Liquidity Constraints in Australia and East Asia: Does Financial Integration Matter?
Equation (6)
c
^
t
=
β
0
+
β
1
r
t
−
β
2
ζ
t
+
β
3
z
t
+
β
4
y
t
−
1
−
β
5
c
t
−
1
+
υ
t
.
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