RDP 9508: Are Terms of Trade Rises Inflationary?
Equation (4)
Δ
p
n
=
π
+
ϕ
(
y
−
y
N
)
+
σ
(
Δ
p
x
−
Δ
p
n
)
+
μ
(
Δ
p
m
−
Δ
p
n
)
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