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RDP 2005-11: A Small Model of the Australian Macroeconomy: An Update
Equation (4)
Δ
u
l
c
*
d
e
v
t
=
∑
i
=
0
4
ρ
1
i
g
a
p
t
−
i
+
∑
i
=
1
8
ρ
2
i
Δ
u
l
c
∗
d
e
v
t
−
i
+
∑
i
=
1
8
ρ
3
i
(
Δ
u
l
c
t
−
1
∗
−
Δ
p
t
−
i
c
,
h
,
e
x
G
S
T
)
+
∑
i
=
1
8
ρ
4
i
b
o
n
d
d
e
v
t
−
i
+
∑
i
=
1
8
ρ
5
i
(
Δ
p
t
−
i
c
,
h
,
e
x
G
S
T
−
Δ
p
t
−
i
−
1
c
,
h
,
e
x
G
S
T
)
+
η
t
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