RDP 2010-02: Learning in an Estimated Small Open Economy Model
Equation (A6)
m
c
t
d
=
φ
y
t
−
(
1
+
φ
)
ν
t
a
−
ν
t
d
+
γ
(
1
−
η
)
−
1
(
c
t
−
η
c
t
−
1
)
+
α
τ
t
m
d
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