Bulletin – September Quarter 2018 Equation (1)

Δ ( x n ) t = θ 0 + θ USD Δ ( USD n ) t + θ RMB Δ ( RMB n ) t + θ EURO Δ ( EUR n ) t + θ JPY Δ ( JPY n ) t + θ GBP Δ ( GBP n ) t + u t .