RDP 2003-04: Identifying the Efficacy of Central Bank Interventions: Evidence from Australia
Equation (10)
Δ
e
t
=
c
e
+
α
I
N
T
t
+
γ
z
t
+
ε
t
I
N
T
t
∗
=
c
I
N
T
+
β
Δ
e
t
+
z
t
+
η
t
I
N
T
t
=
{
ℑ
(
|
I
N
T
t
∗
−
c
I
N
T
|
>
I
N
T
¯
l
)
⋅
I
N
T
t
∗
,
for
t
<
t
^
ℑ
(
|
I
N
T
t
∗
−
c
I
N
T
|
>
I
N
T
¯
h
)
⋅
I
N
T
t
∗
,
for
t
≥
t
^
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@AA97@