Bulletin – December 2016 Equation (A1)

Y i,t+1 * = α i,2 d 2 + α i,3 d 3 + α i,4 d 4 + β j X i,t + γ j Y i,t + θ j Y i,1 + ε i,j,t+1 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@6F3D@