Bulletin – June 2017 Equation (A1)

Δ p t = δ p Δ p t e + ∑ k=1 3 β k Δ p t−k +ϕΔul c t−1 + γ p ( U t −NAIR U t ) U t + λ p Δ U t−1 U t + α 1 ( Δ 4 p t−1 m − Δ 4 P t−2 m )+ D 76 ψ p Δoi l t−2 + ∈ t p MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@984C@