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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
.
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