RDP 2013-10: Stochastic Terms of Trade Volatility in Small Open Economies
Equation (C1)
Π
t
=
1
T
p
(
q
t
|
q
t
−
1
;
Ψ
)
=
Π
t
=
1
T
∫
p
(
q
t
|
q
t
−
1
,
σ
q
,
t
;
Ψ
)
p
(
σ
q
,
t
|
q
t
−
1
;
Ψ
)
d
σ
q
,
t
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