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RDP 2013-06: Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies
Equation
π
H
,
t
=
(
1
1
+
β
γ
H
)
(
β
E
t
(
π
H
,
t
+
1
)
+
ξ
H
(
w
t
+
(
1
−
G
¯
)
s
t
+
ω
p
y
t
−
(
1
−
ω
p
)
ε
a
,
t
)
+
γ
H
π
H
,
t
−
1
+
ε
c
h
,
t
)
,
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