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RDP 9407: Explaining Import Price Inflation: A Recent History of Second Stage Pass-Through
Equation (A2.1)
Δ
y
t
=
α
+
β
t
+
(
ρ
−
1
)
y
t
−
1
+
∑
i
=
1
8
γ
i
Δ
y
t
−
i
+
ε
t
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