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RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (4)
0
=
max
{
e
−
τ
t
v
(
c
(
t
)
)
+
E
t
d
[
e
−
δ
t
J
(
w
(
t
)
)
]
/
dt
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