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actual output aggregate approach assumed capacity utilization capacity utilization rate capital stock Cobb-Douglas coefficient computed constant returns cost defined depends determined distributed lag domestic demand domestic market domestic output economy elasticity energy equal equilibration estimated excess demand exogenous exports factor adjustment factor inputs factors of production fixed investment foreign prices full employment imperfect competition implicit import price includes Incomes policies inflation intensity of factor inventory investment investment equation labor input LBS model London Business School long-run solution manhours manufacturing marginal revenue products materials inputs monetary money stock moving mean normal output normal value OECD open sector output decision output equation output price P.Jarrett parameters parity potential output price equations price level private consumption production function PROFR proxy QSTAR ratio of actual relative price returns to scale sectoral price substitution supply decision supply side technical progress term tradeables trend unemployment rate variable