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RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (16)
y
t
=
0.02
a
t
−
1
−
0.34
k
t
−
1
+
0.20
z
t
−
1
−
0.25
c
t
−
1
−
0.43
R
t
−
1
−
0.61
π
t
−
1
−
0.33
π
t
−
2
+
ε
¯
t
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