RDP 2003-04: Identifying the Efficacy of Central Bank Interventions: Evidence from Australia
Equation (11)
Δ
e
t
=
c
e
+
α
I
N
T
t
+
γ
z
t
+
ε
t
+
λ
e
e
,
1
Δ
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t
−
1
+
λ
e
e
,
2
Δ
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−
2
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λ
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,
1
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λ
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2
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t
−
2
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∗
=
c
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β
Δ
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z
t
+
η
t
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λ
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1
Δ
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λ
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2
Δ
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2
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λ
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1
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1
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2
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2
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=
{
ℑ
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for
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for
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