RDP 8809: The Intertemporal Government Budget Constraint and Tests for Bubbles Equation (5)

b t = s t + [(1+ y t )(1+ p t )/(1+ i t )] b t+1 MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeaabeqbaa aabaGaaeOyamaaBaaaleaacaqG0baabeaaaOqaaiabg2da9aqaaiaa bohadaWgaaWcbaGaaeiDaaqabaaakeaacqGHRaWkaeaacaGGBbGaai ikaiaaigdacqGHRaWkcaqG5bWaaSbaaSqaaiaabshaaeqaaOGaaiyk aiaacIcacaaIXaGaey4kaSIaaeiCamaaBaaaleaacaqG0baabeaaki aacMcacaGGVaGaaiikaiaaigdacqGHRaWkcaqGPbWaaSbaaSqaaiaa bshaaeqaaOGaaiykaiaac2faaaGaaeOyamaaBaaaleaacaqG0bGaey 4kaSIaaGymaaqabaaaaa@5181@