RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (137)
1
+
r
t
1
+
r
=
(
1
+
r
t
−
1
1
+
r
)
ρ
R
[
(
π
t
Π
)
ϕ
π
(
y
t
z
t
y
t
−
1
z
¯
)
ϕ
y
]
(
1
−
ρ
R
)
exp
(
u
R
,
t
)
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