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RDP 2003-04: Identifying the Efficacy of Central Bank Interventions: Evidence from Australia
Equation (11)
Δ
e
t
=
c
e
+
α
I
N
T
t
+
γ
z
t
+
ε
t
+
λ
e
e
,
1
Δ
e
t
−
1
+
λ
e
e
,
2
Δ
e
t
−
2
+
λ
e
I
N
T
,
1
I
N
T
t
−
1
+
λ
e
I
N
T
,
2
I
N
T
t
−
2
I
N
T
t
∗
=
c
I
N
T
+
β
Δ
e
t
+
z
t
+
η
t
+
λ
I
N
T
e
,
1
Δ
e
t
−
1
+
λ
I
N
T
e
,
2
Δ
e
t
−
2
+
λ
I
N
T
I
N
T
,
1
I
N
T
t
−
1
∗
+
λ
I
N
T
I
N
T
,
2
I
N
T
t
−
2
∗
I
N
T
t
=
{
ℑ
(
|
I
N
T
t
∗
−
c
I
N
T
|
>
I
N
T
¯
l
)
⋅
I
N
T
t
∗
,
for
t
<
t
^
ℑ
(
|
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N
T
t
∗
−
c
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N
T
|
>
I
N
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¯
h
)
⋅
I
N
T
t
∗
,
for
t
≥
t
^
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