Master Thesis - Humboldt-Universität zu Berlin
Master Thesis - Humboldt-Universität zu Berlin
Master Thesis - Humboldt-Universität zu Berlin
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
P<br />
ˆ M d<br />
t<br />
Pt<br />
D<br />
−<br />
ˆ<br />
P M d<br />
t−1<br />
Pt−1<br />
D<br />
= ˆπ M d<br />
t − ˆπ D t (105)<br />
ˆ<br />
Pt<br />
C<br />
Pt<br />
D<br />
−<br />
ˆ<br />
Pt−1<br />
C<br />
Pt−1<br />
D<br />
= ˆπ C t − ˆπ D t (106)<br />
ˆ<br />
Pt<br />
M<br />
Pt<br />
D<br />
−<br />
ˆ<br />
Pt−1<br />
M<br />
Pt−1<br />
D<br />
= ˆπ M t − ˆπ D t (107)<br />
The last equations for the external sector express the trade balance and<br />
current account:<br />
TˆB t = ¯X<br />
Ȳ ( ˆX t − ˆM t T ) (108)<br />
CA ˆ t = 1 CA<br />
β ˆ t + ¯X<br />
Ȳ ( ˆX t − ˆM t<br />
T<br />
−<br />
P M ˆ T<br />
t<br />
) (109)<br />
Pt<br />
D<br />
ˆ CA t = ˆb ∗ t − ˆb ∗ t−1 (110)<br />
35
Change language