RDP 2003-01: Business Surveys and Economic Activity Equation (4)

B C_{i t} = ϕ_{i 0} + \sum_{j = 1}^{6} ϕ_{i j} Δ G D P_{i t - j} + \sum_{k = 1}^{6} φ_{i k} B C_{i t - k} + ν_{i t}