RDP 2013-06: Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies
Equation (3)
[
B
L
0
B
S
L
B
S
]
[
y
t
L
y
t
S
]
=
Σ
i
=
1
p
[
F
i
L
0
F
i
S
L
F
i
S
]
[
y
t
−
i
L
y
t
−
i
S
]
+
[
ξ
t
L
ξ
t
S
]
,
[
ξ
t
L
ξ
t
S
]
∼
N
(
0
,
I
)
,
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