RDP 9509: Australian Wage and Price Inflation: 1971–1994
Equation (3)
w
−
p
=
1
γ
1
+
β
1
[
β
1
γ
0
−
β
0
γ
1
+
(
β
2
γ
1
−
β
1
γ
2
)
Δ
U
+
β
1
γ
3
z
w
−
β
3
γ
1
z
p
+
(
β
4
γ
1
−
β
1
γ
4
)
(
p
−
p
e
)
+
(
β
5
γ
1
+
β
1
γ
5
)
ϕ
]
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