RDP 2015-11: Unprecedented Changes in the Terms of Trade
Equation (A32)
log
(
R
t
R
)
=
ρ
r
log
(
R
t
−
1
R
)
+
(
1
−
ρ
R
)
[
ϕ
π
log
(
Π
t
Π
)
+
ϕ
y
log
(
Y
t
z
Y
t
−
1
)
]
+
u
R
,
t
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