A researcher wants to estimate the reserve demand equation i.e. growth rate of Forex reserves (percentage change in total reserves minus gold) held by the central bank of country A as function of growth rate of exchange rate (percentage change in exchange rate) and interest rate differential (difference in money market interest rate of Country A and the Fed Funds Rate) using monthly data from January 1994 to July 2021. Assuming that the researcher has found 3 breaks based on multiple breakpoint test. Formulate an econometric model to account for these breaks (you may decide to use your own break dates) using relevant variables and interpret the coefficient of this model.

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