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RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (23)
p
j
N
j
=
a
j
w
+
a
^
s
^
+
j
e
w
^
j
=
2
,
…
,
s
p
s
+
1
N
^
1
=
a
s
+
1
w
+
(
1
−
Σ
^
a
^
j
−
a
^
s
^
+
1
−
Σ
^
a
s
^
+
j
)
e
w
^
p
s
+
j
N
^
j
=
a
s
+
j
w
+
a
^
j
e
w
^
j
=
2
,
…
,
s
^
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeaabmGaaa qaaiaadchadaWgaaWcbaGaamOAaaqabaGccaWGobWaaSbaaSqaaiaa dQgaaeqaaOGaeyypa0JaamyyamaaBaaaleaacaWGQbaabeaakiaadE hacqGHRaWkceWGHbGbaKaadaWgaaWcbaGabm4CayaajaGaey4kaSIa amOAaaqabaGccaWGLbGabm4DayaajaaabaGaamOAaiabg2da9iaaik dacaGGSaGaeSOjGSKaaiilaiaadohaaeaacaWGWbWaaSbaaSqaaiaa dohacqGHRaWkcaaIXaaabeaakiqad6eagaqcamaaBaaaleaacaaIXa aabeaakiabg2da9iaadggadaWgaaWcbaGaam4CaiabgUcaRiaaigda aeqaaOGaam4DaiabgUcaRmaabmaabaGaaGymaiabgkHiTiqbfo6atz aajaGabmyyayaajaWaaSbaaSqaaiaadQgaaeqaaOGaeyOeI0Iabmyy ayaajaWaaSbaaSqaaiqadohagaqcaiabgUcaRiaaigdaaeqaaOGaey OeI0Iafu4OdmLbaKaacaWGHbWaaSbaaSqaaiqadohagaqcaiabgUca RiaadQgaaeqaaaGccaGLOaGaayzkaaGaamyzaiqadEhagaqcaaqaaa qaaiaadchadaWgaaWcbaGaam4CaiabgUcaRiaadQgaaeqaaOGabmOt ayaajaWaaSbaaSqaaiaadQgaaeqaaOGaeyypa0JaamyyamaaBaaale aacaWGZbGaey4kaSIaamOAaaqabaGccaWG3bGaey4kaSIabmyyayaa jaWaaSbaaSqaaiaadQgaaeqaaOGaamyzaiqadEhagaqcaaqaaiaadQ gacqGH9aqpcaaIYaGaaiilaiablAciljaacYcaceWGZbGbaKaaaaaa aa@8273@