RDP 2018-04: DSGE Reno: Adding a Housing Block to a Small Open Economy Model
Equation (20)
ln
(
R
t
R
)
=
ρ
r
ln
(
R
t
−
1
R
)
+
(
1
−
ρ
r
)
[
ϕ
π
ln
(
π
t
Π
)
+
ϕ
d
y
ln
(
Y
t
v
a
Y
t
−
1
v
a
)
+
ϕ
q
(
Q
t
Q
t
−
1
)
]
+
ε
r
,
t
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