Bulletin – September 2016
Equation (A1)
Δ
e
x
p
o
r
t
s
t
=
β
0
+
β
1
e
x
p
o
r
t
s
t
−
1
+
β
2
T
W
I
t
−
1
+
β
3
d
e
m
a
n
d
t
−
1
+
ϕ
1
Δ
T
W
I
t
+
ϕ
2
Δ
d
e
m
a
n
d
t
+
γ
D
u
m
m
y
.
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