RDP 2010-02: Learning in an Estimated Small Open Economy Model
Equation
j
∈
{
d
,
m
}
,
λ
j
=
(
1
−
ω
)
(
1
−
θ
j
)
(
1
−
θ
j
β
)
θ
j
+
ω
(
1
−
θ
j
(
1
−
β
)
)
μ
f
j
=
β
θ
j
θ
j
+
ω
(
1
−
θ
j
(
1
−
β
)
)
,
μ
b
j
=
ω
θ
j
+
ω
(
1
−
θ
j
(
1
−
β
)
)
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