RDP 2007-01: A Structural Model of Australia as a Small Open Economy
Equation
μ
f
s
≡
β
θ
s
θ
s
+
ω
(
1
−
θ
s
(
1
−
β
)
)
,
μ
b
s
≡
ω
θ
s
+
ω
(
1
−
θ
s
(
1
−
β
)
)
λ
s
≡
(
1
−
ω
)
(
1
−
θ
s
)
(
1
−
θ
s
β
)
θ
s
+
ω
(
1
−
θ
s
(
1
−
β
)
)
,
s
∈
{
d
,
m
}
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