RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach
Equation (3)
C
A
P
Y
=
1
P
Y
(
X
(
E
,
Y
*
)
−
M
(
E
,
Y
)
)
−
1
P
Y
N
I
D
(
E
)
+
1
P
Y
N
T
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