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RDP 2015-06: Credit Losses at Australian Banks: 1980–2013
Equation (2)
C
L
R
i
t
=
α
i
+
β
′
B
S
L
i
t
−
1
M
A
C
R
O
1
t
+
Γ
′
H
S
L
i
t
−
1
M
A
C
R
O
2
t
+
K
′
P
S
L
i
t
−
1
M
A
C
R
O
3
t
+
γ
′
B
L
E
V
E
L
i
t
+
ε
i
t
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