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RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (16)
Z
X
,
t
=
(
1
+
z
X
)
t
Z
˜
X
,
t
ln
(
Z
˜
X
,
t
)
=
ρ
X
ln
(
Z
˜
X
,
t
−
1
)
+
u
X
,
t
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