RDP 2008-08: The Role of International Shocks in Australia’s Business Cycle
Equation (2)
y
t
=
n
1
y
t
−
1
+
(
1
−
n
1
)
E
t
y
t
+
1
−
n
2
(
r
t
−
E
t
π
t
+
1
)
+
n
3
E
t
Δ
y
t
+
1
*
−
n
4
z
t
+
n
5
E
t
Δ
ψ
t
+
1
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