RDP 8809: The Intertemporal Government Budget Constraint and Tests for Bubbles
Equation (9)
b
t
=
Σ
i
=
t
+
1
N
δ
i
−
t
s
i
+
B
N
(
1
+
y
)
N
(
1
+
p
)
N
(
1
+
i
)
N
.
(
1
+
i
)
t
/
(
1
+
y
)
t
(
1
+
p
)
t
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