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RDP 1977-05: Modelling Monetary Disequilibrium
Equation
Dlog
W
=
α
9
[
log
(
1
−
β
7
)
Y
L
−
log
W
P
]
+
β
16
log
L
θ
o
N
+
β
17
log
(
W
A
w
0
e
λ
3
t
)
+
γ
6
(
log
m
^
−
log
M
P
)
log
P
′
=
P
0
+
β
18
log
EP
w
+
(
1
−
β
18
)
log
P
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