G. Oudiz, Macroeconomic Policy Coordination among the Industrial Economies BPEA Bruno and I also stressed the point at some length in Economics of Worldwide Stagflation All variables are in logarithms, except for the (real) interest rate r. The definitions are: q, output; e, exchange rate in units of home currency per unit of foreign currency; p, price of home goods; k, capital stock (taken as fixed); m, money supply, pp.1-64, 1984.