RDP 8809: The Intertemporal Government Budget Constraint and Tests for Bubbles
Equation (7)′
Δ
b
t
=
g
t
−
(
t
t
+
Δ
m
t
)
+
(
(
1
+
i
)
/
(
1
+
y
)
(
1
+
p
)
−
1
)
b
t
−
1
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