RDP 9612: External Influences on Output: An Industry Analysis
Equation (2)
Δ
y
t
i
=
β
0
+
β
1
y
t
−
1
i
+
β
2
y
t
−
1
a
g
g
r
e
g
a
t
e
+
β
3
y
˜
t
−
1
a
g
g
r
e
g
a
t
e
+
Σ
j
=
0
6
β
4
j
r
t
−
j
+
Σ
j
=
1
4
β
5
j
Δ
y
t
−
j
i
+
Σ
j
=
0
4
β
6
j
Δ
y
t
−
j
a
g
g
r
e
g
a
t
e
+
Σ
j
=
0
4
β
7
j
Δ
f
a
r
m
t
−
j
+
Σ
j
=
0
4
β
8
j
Δ
y
˜
t
−
j
a
g
g
r
e
g
a
t
e
+
β
9
r
e
r
t
−
1
+
β
10
t
o
t
t
−
1
+
β
11
e
r
a
t
i
+
β
12
t
r
e
n
d
+
ε
t
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