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RDP 7703: Price and Quantity Responses to Monetary Impulses in a Model of a Small Open Economy
Equation
Dlog
x
=
3.9
(
log
x
^
d
−
log
x
)
+
2.0
(
log
x
^
s
−
log
x
)
−
.49
QE
log
x
^
d
=
x
0
+
log
x
w
−
.51
log
(
P
x
EP
w
)
log
x
^
s
=
x
′
0
+
log
y
+
.50
log
(
P
x
P
)
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