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RDP 2013-06: Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies
Equation
[
y
t
L
y
t
S
]
=
Σ
i
=
1
p
[
Φ
i
L
0
Φ
i
S
L
Φ
i
S
]
[
y
t
−
i
L
y
t
−
i
S
]
+
[
1
0
κ
1
]
[
u
t
L
ν
t
S
]
,
[
u
t
L
ν
t
S
]
∼
N
(
0
,
Σ
ν
)
,
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