RDP 2013-14: Reserves of Natural Resources in a Small Open Economy
Equation
χ
t
R
≡
ln
(
1
+
ω
t
+
1
d
(
W
t
m
,
S
t
,
P
t
*
,
P
t
r
*
,
k
t
)
−
x
(
W
t
m
,
S
t
,
P
t
*
,
P
t
r
*
,
k
t
)
)
d
t
≡
D
t
R
t
=
d
(
W
t
m
,
S
t
,
P
t
*
,
P
t
r
*
,
k
t
)
x
t
≡
X
t
R
t
=
x
(
W
t
m
,
S
t
,
P
t
*
,
P
t
r
*
,
k
t
)
k
t
≡
K
t
R
t
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