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RDP 2005-11: A Small Model of the Australian Macroeconomy: An Update
Equation (3)
Δ
p
t
m
=
φ
1
+
φ
2
(
p
t
−
1
m
−
p
t
−
1
x
,
f
+
e
t
−
1
+
φ
3
t
r
e
n
d
t
−
1
p
m
)
+
φ
4
Δ
p
t
x
,
f
+
∑
i
=
0
1
φ
5
i
Δ
e
t
−
i
+
ν
t
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