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RDP 2017-03: Financialisation and the Term Structure of Commodity Risk Premiums
Equation (8)
R
c
,
m
,
t
=
α
+
β
∗
I
n
d
e
x
c
+
∑
γ
t
∗
1
(
Y
e
a
r
=
y
)
t
+
∑
θ
t
∗
I
n
d
e
x
c
∗
1
(
Y
e
a
r
=
y
)
t
+
ω
∗
N
H
P
c
,
t
+
ϑ
∗
M
a
r
k
e
t
m
,
t
∗
I
n
d
e
x
c
+
ρ
∗
M
a
r
k
e
t
m
,
t
∗
P
o
s
t
03
t
+
τ
∗
M
a
r
k
e
t
m
,
t
∗
I
n
d
e
x
c
∗
P
o
s
t
03
t
+
ε
i
,
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@BAF4@