RDP 8709: Estimating the Inflationary Effects of Depreciation
Equation (7)
pc
d
=
(
1
−
δ
)
[
α
Σ
i
η
i
(
w
+
1
−
y
)
t
−
i
+
γ
Σ
i
θ
i
(
p
E
+
e
−
y
)
]
+
δ
Σ
i
μ
i
p
m
t
−
i
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