Skip to content
RDP 1977-07: Money and the Balance of Payments
Equation
Dlog
B
=
μ
10
(
log
b
^
−
log
B
P
)
b
^
=
b
0
y
β
1
e
[
θ
16
r
b
−
θ
16
r
w
+
θ
17
log
EP
w
P
+
θ
18
QE
]
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@7CC9@