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RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
d
=
α
1
(
log
d
^
−
log
d
)
+
γ
1
(
log
m
^
−
log
M
P
)
d
^
=
d
0
(
y
−
T
1
P
+
cb
)
β
1
e
β
2
r
b
m
^
=
m
0
y
β
1
e
[
β
3
r
b
+
θ
1
rw
+
θ
2
log
EP
w
P
+
θ
3
QE
]
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