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RDP 2018-04: DSGE Reno: Adding a Housing Block to a Small Open Economy Model
Equation (20)
ln
(
R
t
R
)
=
ρ
r
ln
(
R
t
−
1
R
)
+
(
1
−
ρ
r
)
[
ϕ
π
ln
(
π
t
Π
)
+
ϕ
d
y
ln
(
Y
t
v
a
Y
t
−
1
v
a
)
+
ϕ
q
(
Q
t
Q
t
−
1
)
]
+
ε
r
,
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@7EAF@