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RDP 2005-11: A Small Model of the Australian Macroeconomy: An Update
Equation (7)
Δ
p
t
c
,
u
=
κ
1
+
κ
2
(
p
t
−
1
c
,
u
−
κ
3
D
t
−
1
p
G
S
T
−
λ
m
p
t
−
1
m
,
t
r
f
−
λ
o
p
t
−
1
o
i
l
−
λ
u
u
l
c
t
−
1
∗
,
b
s
)
+
κ
3
Δ
D
t
p
G
S
T
+
κ
4
∑
i
=
0
3
g
a
p
t
−
i
+
κ
5
(
Δ
p
t
−
1
c
,
u
−
κ
3
Δ
D
t
−
1
p
G
S
T
)
+
κ
6
Δ
e
t
−
7
+
κ
7
∑
j
=
0
2
Δ
u
l
c
t
−
j
∗
,
b
s
+
ζ
t
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