RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (154)
π
=
[
γ
N
(
π
N
τ
N
(
1
+
z
N
)
)
1
−
η
+
γ
T
(
π
T
τ
T
(
1
+
z
T
)
)
1
−
η
]
1
1
−
η
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