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RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (41)
R
t
R
=
(
R
t
−
1
R
)
ρ
R
[
(
P
t
/
P
t
−
1
Π
¯
)
ϕ
π
(
Y
t
/
Y
t
−
1
Y
t
/
Y
¯
t
−
1
)
ϕ
y
]
(
1
−
ρ
R
)
exp
(
u
R
,
t
)
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