RDP 9508: Are Terms of Trade Rises Inflationary?
Equation (A2.3)
γ
χ
Δ
p
=
Δ
q
(
−
α
−
β
−
γ
χ
(
σ
+
μ
)
)
+
(
α
+
γ
χ
σ
)
Δ
T
O
T
+
γ
χ
(
π
+
ϕ
(
y
−
y
N
)
)
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