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RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach
Equation (6)
x
=
β
1
β
3
β
1
+
β
3
p
w
+
β
1
β
4
+
β
2
β
3
β
1
+
β
3
t
1986
−
β
1
β
3
β
1
+
β
3
(
p
+
e
t
w
i
)
p
x
−
e
t
w
i
=
β
3
β
1
+
β
3
(
p
w
−
e
t
w
i
)
+
β
4
−
β
2
β
1
+
β
3
t
1986
+
β
1
β
1
+
β
3
p
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