RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (94)
π
t
=
[
γ
N
(
π
N
,
t
τ
N
,
t
−
1
(
1
+
z
N
)
1
−
η
)
+
γ
T
(
π
T
,
t
τ
T
,
t
−
1
(
1
+
z
t
)
)
1
−
η
]
1
1
−
η
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