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RDP 1999-01: The Phillips Curve in Australia
Equation (12)
y
t
=
Δ
4
ln
P
t
−
Δ
4
ln
P
t
−
1
=
δ
(
Δ
P
t
∗
−
Δ
4
ln
P
t
−
1
)
+
γ
(
U
t
−
U
t
∗
)
U
t
+
ε
t
.
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