RDP 2013-07: An Empirical BVAR-DSGE Model of the Australian Economy
Equation
U
(
c
t
,
L
1
,
t
,
L
2
,
t
,
M
t
)
=
max
C
t
,
L
1
,
t
,
L
2
,
t
,
M
t
E
0
∑
t
=
0
∞
β
t
[
e
u
t
c
ln
(
C
t
−
υ
C
t
)
+
ln
M
t
−
(
L
1
,
t
1
+
ξ
+
L
2
,
t
1
+
ξ
)
1
+
ψ
1
+
ξ
1
+
ψ
]
.
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