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RDP 2015-07: A Multi-sector Model of the Australian Economy
Equation (28)
ln
(
R
t
R
)
=
ρ
r
ln
(
R
t
−
1
R
)
+
(
1
−
ρ
r
)
[
ϕ
π
ln
(
Π
t
Π
)
+
ϕ
y
ln
(
Y
t
ν
a
Y
ν
a
)
]
+
ϕ
Δ
y
ln
(
Y
t
ν
a
Y
t
−
1
ν
a
)
+
ϕ
q
(
Q
t
Q
t
−
1
)
+
ε
r
,
t
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