RDP 2013-10: Stochastic Terms of Trade Volatility in Small Open Economies
Equation (5)
C
t
≡
[
ω
T
1
ϑ
(
C
t
T
)
ϑ
−
1
ϑ
+
(
1
−
ω
T
)
1
ϑ
(
C
t
N
T
)
ϑ
−
1
ϑ
]
ϑ
ϑ
−
1
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