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RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence
Equation (17)
y
t
=
γ
0
+
γ
1
y
t
−
1
+
γ
2
4
r
t
+
γ
3
Δ
m
t
−
1
+
ε
t
.
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