RDP 2010-02: Learning in an Estimated Small Open Economy Model
Equation (4)
a
t
*
=
S
t
P
t
x
P
t
d
X
t
−
S
t
P
t
*
P
t
d
C
t
m
+
r
t
*
S
t
π
t
d
S
t
−
1
a
t
−
1
*
Λ
(
a
t
*
,
ν
t
s
)
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