RDP 7703: Price and Quantity Responses to Monetary Impulses in a Model of a Small Open Economy
Equation
Dlog
W
=
.20
[
log
(
.7
Y
L
)
−
log
W
P
′
]
+
1.7
log
L
θ
o
N
+
.40
log
(
W
A
W
o
e
λ
3
t
)
−
.21
(
log
m
^
−
log
M
P
)
log
P
′
=
P
′
0
+
.20
log
EP
w
+
.80
log
P
λ
3
=
.0029
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