RDP 2015-12: Modelling the Australian Dollar
Equation (7)
Δ
R
T
W
I
t
=
μ
+
γ
(
R
T
W
I
t
−
1
+
β
1
T
o
T
B
u
l
k
s
t
−
1
+
β
2
T
o
T
E
x
B
u
l
k
s
t
−
1
+
β
3
R
I
R
D
t
−
1
)
+
α
1
Δ
C
R
B
t
+
α
2
Δ
C
R
B
t
−
1
+
α
3
Δ
S
P
X
t
+
α
4
Δ
V
I
X
t
+
α
5
Δ
R
T
W
I
t
−
1
+
α
6
Δ
T
o
T
B
u
l
k
s
t
+
α
7
Δ
T
o
T
E
x
B
u
l
k
s
t
−
1
+
α
8
Δ
R
I
R
D
t
+
ε
t
.
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