RDP 8709: Estimating the Inflationary Effects of Depreciation
Equation (8)
pc
d
t
=
a
+
Σ
i
=
0
Q
b
i
(
w
t
−
i
−
z
)
+
Σ
i=0
m
c
i
Pe
t
−
i
+
Σ
i=0
n
d
i
Pm
t
−
i
+
eD
t
+
ε
t
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