RDP 9509: Australian Wage and Price Inflation: 1971–1994
Equation (8)
Δ
w
t
=
λ
0
+
Σ
φ
1
,
i
Δ
w
t
−
i
+
Σ
φ
2
,
i
Δ
p
t
−
i
+
φ
3
I
U
t
−
1
+
Σ
φ
4
,
i
Δ
I
U
t
−
i
+
Σ
φ
5
,
i
s
t
k
s
t
−
i
+
λ
1
r
e
r
t
−
1
+
λ
2
p
t
−
1
+
λ
3
u
l
c
t
−
1
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