RDP 2016-05: Trade Invoicing Currency and First-stage Exchange Rate Pass-through Equation

Δ p_{i, t} = α_{i} + \sum_{j = 0}^{7} β_{j}^{D} (s_{i, t - j}^{D} Δ e_{i, t - j}) + \sum_{j = 0}^{7} β_{j}^{N D} ((1 - s_{i, t - j}^{D}) Δ e_{i, t - j}) + \sum_{j = 0}^{3} δ_{j} Δ G D P_{t - j} + ε_{i, t}