RDP 2007-06: The Butterfly Effect of Small Open Economies
Equation
[
Λ
11
Λ
12
0
Λ
22
]
[
w
1
,
t
w
2
,
t
]
=
[
Ω
11
Ω
12
0
Ω
22
]
[
w
1
,
t
−
1
w
2
,
t
−
1
]
+
[
Q
1
Q
2
]
(
Ψ
ε
t
+
Π
η
t
)
.
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