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RDP 8809: The Intertemporal Government Budget Constraint and Tests for Bubbles
Equation
δ
t
t
=
[
(
1
+
y
0
)
(
1
+
p
0
)
/
(
1
+
i
0
)
…
(
1
+
y
t
−
1
)
(
1
+
p
t
−
1
)
/
(
1
+
i
t
−
1
)
]
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