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RDP 9508: Are Terms of Trade Rises Inflationary?
Equation (7)
Δ
p
=
π
+
Δ
T
O
T
(
α
χ
γ
(
1
−
δ
)
−
β
χ
γ
δ
)
︸
d
i
r
e
c
t
p
r
i
c
e
+
ϕ
(
y
−
y
N
)
︸
i
n
c
o
m
e
+
Δ
T
O
T
(
σ
−
σ
δ
−
μ
δ
)
︸
s
u
b
s
t
i
t
u
t
i
o
n
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