\documentclass{article}
\usepackage{amsmath}
\newcommand{\DeltaC}[1]{%
\Delta\pi^{\textnormal{Services}}_{#1}%
}
\newcommand{\DeltaBC}[1]{%
\Delta\pi^{\textnormal{Goods}}_{#1}%
}
\begin{document}
\[
\DeltaC{t} = \begin{cases}
-0.03_{(0.08)} - 0.08_{(0.05)} + 0.09_{(0.18)} \DeltaC{t-1} \\
\qquad{} + 0.12_{(0.03)}\DeltaBC{t-1} + u_{2t}, & \text{if $w_{t-1}<-0.62$,} \\[2ex]
0.38_{(0.15)} - 0.12_{(0.04)} + 0.40_{(0.07)} \DeltaC{t-1} \\
\qquad{} + 0.18_{(0.06)}\DeltaBC{t-1} + u_{2t}, & \text{if $ w_{t-1} > 2.2$,}