C N G R A N D γ t − 1 = ( G D S γ , g = R D G D P γ − G D S γ , g = R D t = 1 G D P γ t = 1 ) ∗ e l m f p r d {\displaystyle CNGRAND_{\gamma }^{t-1}=({\frac {GDS_{\gamma ,g=RD}}{GDP_{\gamma }}}-{\frac {\mathbf {GDS} _{\gamma ,g=RD}^{t=1}}{\mathbf {GDP} _{\gamma }^{t=1}}})*\mathbf {elmfprd} }
