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RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach
Equation (C1)
Δ
y
t
=
(
α
β
′
y
t
−
1
+
α
μ
1
i
+
α
δ
1
t
)
+
Σ
Γ
i
Δ
y
t
−
i
+
μ
2
i
+
δ
2
t
+
ε
t
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