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RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (27′)
0
=
Σ
^
i
π
^
i
(
σ
^
i
d
z
^
i
−
σ
^
1
d
z
^
1
)
−
(
π
0
+
Σ
i
π
i
)
(
σ
1
d
z
1
−
σ
e
d
z
e
−
σ
^
1
d
z
^
1
)
+
Σ
i
π
i
(
σ
i
d
z
i
−
σ
e
d
z
e
−
σ
^
1
d
z
^
1
)
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