RDP 1999-01: The Phillips Curve in Australia
Equation (14)
Δ
4
ln
U
L
C
t
−
Δ
4
ln
P
t
−
1
=
δ
(
Δ
P
t
∗
−
Δ
4
ln
P
t
−
1
)
+
γ
(
U
t
−
U
t
∗
)
U
t
+
d
Δ
U
t
−
1
U
t
+
c
(
Δ
4
ln
U
L
C
t
−
1
−
Δ
4
ln
P
t
−
2
)
+
α
2
(
Δ
ln
U
L
C
t
−
1
−
Δ
ln
U
L
C
t
−
4
)
,
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