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RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
x
=
α
2
(
log
x
^
d
−
log
x
)
+
μ
3
(
log
x
^
s
−
log
x
)
+
θ
6
QE
+
θ
7
QDS
x
^
d
=
x
0
e
λ
3
t
(
P
x
EP
w
)
β
4
x
^
s
=
x
′
0
y
β
1
(
P
x
P
)
θ
8
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