RDP 2005-11: A Small Model of the Australian Macroeconomy: An Update
Equation (5)
Δ
u
l
c
t
∗
=
0.25
Δ
4
p
t
−
1
c
,
h
,
e
x
G
S
T
+
ρ
1
1
g
a
p
t
−
1
+
ρ
2
1
Δ
u
l
c
∗
d
e
v
t
−
1
+
ρ
3
∑
i
=
2
4
(
Δ
u
l
c
t
−
i
∗
−
Δ
p
t
−
i
c
,
h
,
e
x
G
S
T
)
+
ρ
4
1
b
o
n
d
d
e
v
t
−
1
+
η
t
.
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