RDP 8709: Estimating the Inflationary Effects of Depreciation
Equation (6)
pc
d
=
α
(
1
−
δ
)
[
w
+
1
−
y
]
+
γ
(
1
−
δ
)
[
p
e
+
e
−
y
]
+
δ
p
m
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