RDP 2007-06: The Butterfly Effect of Small Open Economies
Equation (15)
x
t
≡
y
t
−
y
¯
t
=
y
t
−
ϕ
2
y
t
∗
−
ϕ
2
σ
(
ν
x
,
t
−
ν
x
,
t
∗
)
−
ϕ
4
a
t
.
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamiEamaaBa aaleaacaWG0baabeaakiabggMi6kaadMhadaWgaaWcbaGaamiDaaqa baaccaGccqWFsislceWG5bGbaebadaWgaaWcbaGaamiDaaqabaGccq GH9aqpcaWG5bWaaSbaaSqaaiaadshaaeqaaOGae8NeI0Iaeqy1dy2a aSbaaSqaaiaaikdaaeqaaOGaamyEamaaDaaaleaacaWG0baabaGaey 4fIOcaaOGae8NeI0YaaSaaaeaacqaHvpGzdaWgaaWcbaGaaGOmaaqa baaakeaacqaHdpWCaaWaaeWaaeaacqaH9oGBdaWgaaWcbaGaamiEai aacYcacaWG0baabeaakiab=jHiTiabe27aUnaaDaaaleaacaWG4bGa aiilaiaadshaaeaacqGHxiIkaaaakiaawIcacaGLPaaacqWFsislcq aHvpGzdaWgaaWcbaGaaGinaaqabaGccaWGHbWaaSbaaSqaaiaadsha aeqaaOGaaiOlaaaa@61A0@