RDP 2016-05: Trade Invoicing Currency and First-stage Exchange Rate Pass-through
Equation
Δ
p
t
D
=
α
+
∑
j
=
0
7
β
j
I
Δ
e
t
−
j
I
+
∑
j
=
0
7
β
j
M
(
Δ
e
t
−
j
M
−
Δ
e
t
−
j
I
)
+
ε
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@68B8@